Loans - Foothill Mortgage

A reverse mortgage is a special type of loan that enables homeowners age
62 and older to have access to the equity they have in their home and receive cash proceeds. Unlike a traditional equity loan, no repayment is required until the home is no longer their principal residence. With the Reverse Mortgage, the homeowner borrowers small amounts - monthly or at other intervals through a line of credit. The loan is due and payable when the homeowner no longer considers the property as their primary residence or fail to comply with the loan agreement. The loan agreement states that the homeowner is to maintain the property and to pay the Real Estate Taxes and Hazard Insurance Premiums.

Reverse Mortgages allow borrowers to obtain loan proceeds by:
	in a lump sum
	in monthly installments to supplement income
	as a line of credit to draw on as necessary

This is also the option for an immediate cash advance in addition to
monthly allotments. And
the homeowner can change the funds-distribution as many times as they
wish.

	All Homeowners must be age 62 or older and occupy the property as their primary residence
	• The home must be owned "Free and Clear" or have a small remaining mortgage balance that can be paid off with the Reverse Mortgage
	The property must be a single-family, 1-4 units, Condo or Townhome
	Their are no income, employment or credit qualifying restrictions (The maximum loan amount is based on the age, where the borrower lives and the value of the home).

	Loan proceeds are not considered income and will not affect Social Security or, Medicare benefits
	Homeowner always retains title and ownership of the home
	Lump sum advances makes cash immediately available
To learn more about reverse mortgage and how it could work for you, please e-mail us or give us a call at 408-248-8675.

top of page