California reverse mortgage loans can help you meet your retirement needs if you own your own home. Like the name “reverse mortgage” infers, instead of making payments on a mortgage, a reverse mortgage pays you. Reverse mortgage loans can give you extra income during your retirement, and allow you to receive a monthly payment every month that does not require repayment. Reverse mortgages were created to help senior aged home owners who have accrued most of their wealth in real estate. A reverse mortgage can be used to refinance current mortgages to diminish monthly payments for those on a fixed income.
Getting qualified for a reverse mortgage is easier than qualifying for a standard mortgage.