A reverse mortgage, or Home Equity Conversion Mortgage (HECM), is a loan that enables homeowners who are at least 62 years old to convert some of their home equity into cash. The cash can be used for any purpose.Learn More
As you explore your reverse mortgage options with Lineage Lending, an experienced loan officer will serve as your guide throughout the entire loan process.Learn More
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If you’re over 62 years old and you find yourself in need of financial assistance, consider going to a reverse mortgage company San Diego. Lineage Lending Reverse Mortgage is an excellent service provider that can help you explore your options on how to get additional aid without the need for tremendous cash outs. This method has been utilized by many homeowners who are in their golden ages as this is a safe and more convenient way to attend to their financial needs.
How Does a Reverse Mortgage Work?
You may be asking yourself, “How does this work and how is it different from a regular loan?” Our reverse mortgage company San Diego has you covered. If you’re at least 62 years old and you own a home that is clear of any loan, this may be a good option for you. That’s because you can utilize your home’s equity and convert it into cash. This means that the lender can give you a loan based on your property’s value and it’ll be carried over to your reverse mortgage. The best thing about it is that it cannot exceed your home’s value so it is totally dependent on your home’s equity.
Qualify for a Reverse Mortgage with Ease
Unlike other types of loans, qualifying for a reverse mortgage doesn’t have strict and comprehensive credit, income or health requirements. You can apply for it even if your home is not free and clear yet. In fact, some people even use it to fill in for an existing mortgage. You have the control where to use your money. A reverse mortgage company San Diego can walk you through the process of applying for one easily.
No Need for Huge Deposits
Since you are going to be getting the loan from lenders based on your home’s equity, you won’t need to deposit large sums for collateral. You just have to shoulder minor fees for appraisal and counseling and that’s it! Remember that as long as you have equity in your home, you can refinance with the help of a reverse mortgage company San Diego and keep using it for whatever you want. Get in touch with a reverse mortgage company San Diego today to learn more about kind of loan. The specialists at Lineage Lending Reverse Mortgage are always willing to go above and beyond to make sure you’re not left in the dark. Get in touch with us today.
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