Loans in Covina CA
Reverse Mortgage Costa Mesa, CA
Do you live in Costa Mesa? Are you 62 years old or more? Do you own your home?
If so, one of the Costa Mesa reverse mortgage specialists at Citizens Lending Group could help you to use a reverse mortgage to receive a tax-advantaged lump sum cash payment, monthly payments, or a line of credit allowing you to withdraw cash on any schedule that matches your needs.
If you want to learn more about how a reverse mortgage can help you to retire comfortably in Southern California, an Costa Mesa reverse mortgage specialist from Citizens Lending Group can answer any questions you might have. Call one of our Costa Mesa reverse mortgage agents today at (866) 539-5119 or use our easy online contact form to learn more and to find out if you meet the reverse mortgage requirements.
Start with Our Reverse Mortgage Calculator for your Home in Costa Mesa
A lot of questions come up when a homeowner begins to think about a reverse mortgage loan. These can range from “Do I qualify for a reverse mortgage loan?” to “How much can I get?” Nevertheless, some of the most important questions can be answered rather easily with a reverse mortgage calculator. This does not need to be a difficult process and starting with a calculator can help greatly during the planning process.
Some of the information that you can obtain by completing our reverse mortgage calculator includes:
- How much money can I get?
- How do I get the money, in payments, lump sum?
- Do I qualify for a reverse mortgage?
- What is the interest rate involved?
To learn more about reverse mortgage requirements and to discuss how much you can get for your home to determine if a reverse mortgage is right for you, contact our California reverse mortgage loan officers online or by phone today!
Why Get a Reverse Mortgage for Your Costa Mesa, CA Home?
Costa Mesa property values have skyrocketed in recent years as both the local economy and the population have grown. Getting an Costa Mesa reverse mortgage could be the easiest way for you to capitalize on that real estate appreciation while still living in your home. Many seniors in California are ‘house rich’ and ‘cash poor’, but an Costa Mesa reverse mortgage makes it easy for seniors to tap their home equity to start enjoying a more comfortable retirement.
The chief advantage of an Costa Mesa reverse mortgage over alternatives like home equity loans is that there are no repayment requirements until you move from the property or pass away.
As long as you remain current on your Costa Mesa reverse mortgage requirements – for example, staying current on homeowner’s insurance premiums, homeowner’s association dues (where applicable), keeping the house in good condition, and remaining current on property taxes, you will be eligible to receive a passive income stream from your Costa Mesa reverse mortgage.
For more information about how you can secure a passive income stream with an Costa Mesa reverse mortgage, contact one of the Costa Mesa reverse mortgage specialists at Citizens Lending Group at (866) 539-5119 or use our easy online contact form. We will explain reverse mortgage requirements and help determine if a reverse mortgage is right for you.
Is a Reverse Mortgage Right for You?
Costa Mesa reverse mortgage policies make it easy for retirees living in the area to remain near family and friends while aging in place. Thanks to California property tax policies, it is easier for many seniors in Costa Mesa to afford the property tax requirements of an Costa Mesa reverse mortgage than in many other similar areas that have gone through a major increase in property values in recent years.
Therefore, an Costa Mesa reverse mortgage can enable you to retire free of financial concerns in the city that you have grown to love. Costa Mesa is not just a place for young people to live out their dreams – with an Costa Mesa reverse mortgage, you can enjoy your golden years with a secure income stream without the stress or complication of investing in stocks, bonds, or other risky and uncertain financial securities.
What is a Jumbo Reverse Mortgage?
A reverse mortgage is a loan to convert some of your home’s equity to cash. Once you take out a reverse mortgage, you don’t have to make monthly payments to pay it back. A reverse mortgage is only available to seniors age 62 or older.
You won’t make payments on a reverse mortgage, but you will still have to pay property taxes, insurance and home maintenance costs. You can repay the reverse mortgage by selling the house.
Over time, the amount you owe on a reverse mortgage goes up. This is because interest and fees are added to the loan balance each month. You can use the cash from a reverse mortgage for any purpose, including paying off other debts and boosting your nest egg.
The majority of reverse mortgages are loans guaranteed by the Federal Housing Administration (FHA). Reverse mortgages guaranteed by the FHA are called Home Equity Conversion Mortgages (HECM).
Traditional reverse mortgages face a loan limit of $679,650. Homeowners with home equity worth more than $679,650 cannot use an FHA guaranteed reverse mortgage to access all the value in their houses — and that’s where jumbo reverse mortgages come into the picture. Jumbo reverse mortgages allow borrowers to access up to $6 million worth of home equity. Since jumbo reverse mortgage lenders aren’t FHA guaranteed, lenders don’t have to follow FHA guidelines about loan size.
Covina is a small city in Los Angeles County CA about 22 miles (35 km) east of downtown Los Angeles, in the San Gabriel Valley region. The population was 47,796 at the 2010 census, up from 46,837 at the 2000 census. The city’s slogan, “”One Mile Square and All There”” was coined when the incorporated area of the city was only (some say slightly less than) one square mile, making it the smallest city in area in the country.
Covina is often confused with West Covina which is actually larger in both area and population, located to its south and westside. Irwindale lies to the west, as well as the unincorporated area of Vincent, and the city of Baldwin Park. Azusa and Glendora are to the north, the unincorporated community of Charter Oak to the northeast, San Dimas to the east, the unincorporated areas of Ramona and Via Verde, and the city of Pomona to the southeast.
The city was founded in 1882 by Joseph Swift Phillips, on a 2,000 acre tract that was purchased from the John Edward Hollenbeck holdings. The City of Covina was named by a young engineer, Frederick Eaton, who was hired by Phillips to survey the area. Impressed by the way in which the valleys of the adjacent San Gabriel Mountains formed a natural cove around the vineyards that had been planted by the region’s earlier pioneers, Eaton merged the words “”cove”” and “”vine””, and in 1885, created the name Covina for the new township.
Covina is 22.4 miles from Los Angeles.
Covina is 5.9 miles from San Dimas.
Covina is 9.4 miles from Monrovia.
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Copyright Citizens Lending Group - 1421 N Wanda Road #120-Z Orange, Ca 92867 - Reverse Mortgages in California
Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01814249, California Bureau of Real Estate. NMLS #1109984
These materials are not from HUD or FHA and were not approved by HUD or a government agency.