Reverse Mortgages, Glendora California-Generation Mortgage Company

About Reverse Mortgages, Glendora California-Generation Mortgage Company

Categories: Real Estate | Other Real Estate

Status: Reverse Mortgages, Glendora California-Generation Mortgage Company New profile, Blog and more!
Last updated 2011-12-06 17:39:50.835945

Your Reverse Mortgage Professional For Life! Reverse Mortgages are available for homeowners 62 and older who want to stay in their existing home or purchase a new principal residence. It allows them to access a portion of the equity and use it for any purpose. Since accessing home equity is not a taxable event, the proceeds for the reverse mortgage are not subject to any income tax. Homeowner’s always retain title to their home. The homeowners are responsible for paying property taxes, keeping homeowner’s insurance in force and maintaining the home. Borrowers can choose how to receive their funds, as a lump sum, monthly income, a credit line, or a combination of these. There are no monthly mortgage payments required as long as one borrower lives in the home. The loan must be repaid when all owners are permanently out of the home.

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