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Bakersfield California, Reverse Mortgage Broker Rates & Quotes

bakersfield California

If you live in Bakersfield California and are 62 years of age or older, you may qualify for a reverse mortgage.  Reverse mortgages have gained popularity in recent years, but many people still don’t understand what they are and how they work.  In short, a reverse mortgage is a type of loan that converts some of the equity in your home into cash.  While a reverse mortgage is a loan, reverse mortgage brokers do not work in the same way as most other home equity brokers.  With a standard home equity loan, you are required to begin repaying the loan at some point in the near future, usually within a few months receiving your loan funds.  With a reverse mortgage loan, you are only required to begin repaying the loan once you leave the home or are unable to maintain the terms of the loan.

Who Qualifies for a Reverse Mortgage?

bakersfield CaliforniaIf reverse mortgage loans sound like something that could help you, the next step is to determine whether or not you qualify and to find a reliable broker.  A lot of different factors will determine your reverse mortgage rate; before you can find out the rate you’ll get, you first have to qualify for a reverse mortgage.  In addition to meeting the age requirement, you either need to own your home outright or to be able to pay off your existing mortgage after receiving your reverse mortgage funds.  You are also required to live in the home at the time of

securing the loan, and you will be required to live in the home until you are ready and able to begin paying back the loan.   If you meet these requirements, talk with a qualified Bakersfield, CA broker about reverse mortgage solutions to meet your needs.  Using a reverse mortgage calculator and other helpful tools, a broker can explain the process to you in full and give you an idea of how much funding you can expect to receive from your reverse mortgage.

bakersfield California

How Much Money Will I Get?

One of the main reasons that homeowners of Bakersfield California consider a reverse mortgage is the additional income that the loan funding can provide.  Several factors will determine the amount of money you’ll be able to get:  primarily your age and the value of your home.  While the minimum qualifying age is sixty-two; the older you are, the more money you’re likely to get.  If multiple residents are listed on the deed, the youngest homeowner’s age is used to determine funding amounts.  The value of your home is also considered, with more valuable homes qualifying the borrower for more funding.   Interest rates on your current mortgage are also important—the lower your interest rates, the more money you should be allowed to borrow.  While you can use an online calculator and other tools to get an estimate of how much money you are eligible to borrow, you’ll get a more accurate estimate and more helpful, detailed information if you talk to a broker in your area.

Category: Mortgage brokers

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