Homeowners 62-years old or older may be interested in reverse mortgage. This option enables qualified homeowners to remain in their homes when retirement income is insufficient to pay for their current mortgage. For homeowners interested in obtaining a reverse mortgage in Redwood City, HPI Financial offers a variety of excellent programs.
With a reverse mortgage, payments flow in the opposite direction than they normally do. Rather than submitting a monthly payment to a lending institution, the recipient receives a monthly payment from the lender. This money is drawn from the equity in your home.
By obtaining a reverse mortgage in Redwood City, homeowners gain additional funds to use as they please. Whether you use the cash to cover ordinary living expenses, make home improvements, take a dream vacation, or pay other types of expenses, the money is available to you on a regular basis.
As with any other ‘loan’, interest must be paid on a reverse mortgage. This payment is drawn from the equity in your home. Depending on various factors, the interest will be fixed or variable. An HPI Financial representative will be happy to go over your options and design a program best suited to your needs.
Benefits of a Redwood City Reverse Mortgage
- Allows Homeowners to Remain in Their Current Residence
- Provides Regular Income Stream
- Eliminates Monthly Mortgage Payments
- Relatively Low Interest Rates
Bear in mind, the money owed on a reverse mortgage will increase over the course of the loan. However, homeowners are not required to repay the debt until the home is sold. At that point, any accumulated debt will be repaid and subtracted from the net proceeds of the sale. All remaining proceeds, of course, belongs to the seller.
Are You a Candidate for a Reverse Mortgage in Redwood City?
The first step is sitting down with a HPI Financial loan consultant to assess your needs and options. Backed by years of experience and knowledge, they can guide you in the right direction. Don’t wait. Act now to enjoy the financial freedom you deserve with a reverse mortgage.
Are you interested in learning more about getting a reverse mortgage in Redwood City? Contact our team for more information and answers to all your questions. Whether you seek a reverse mortgage in Redwood City, San Carlos, or anywhere else in California, HPI Financial will get the right loan for you.
Call us today at (650) 741-9797