In California, in particular, there is a high demand for reverse mortgage information.This is because over 2 million seniors in California alone could benefit from a reverse mortgage. That doesn’t mean the product is right for all 2 million, but it should be an understood option in all cases.Moreover, reverse mortgage education needs to continue, because there will be approximately 6.4 million Californians age 65 or over by 2025.
In general, the California Reverse Mortgage is no different than any other reverse mortgage.The same rules apply and can be found at Reverse Mortgage Page’s reverse mortgage information.
There is at least one unique fact that a California reverse mortgage borrower should know. The State of California has a property tax deferral program whereby seniors can borrow money from the government to pay property taxes. There are certain restrictions and those can be learned at the office of the California State Controller. If the major reason for seeking a reverse mortgage in California is to pay off property taxes, this is something to look into.
The agency that regulates mortgage brokers in California is the Department of Real Estate (DRE). Make sure your California mortgage broker is licensed with the DRE.
There is a specific California law that provides that reverse mortgages can be paid back in advance without any penalty. This, however, does not bar fees, payments, or other charges that would have otherwise been owed when the reverse mortgage came due.
Please be aware that in California, there is plenty of good reverse mortgage counseling and this is a key piece of the reverse mortgage process.

Click to find a California reverse mortgage lender

In California, in particular, there is a high demand for reverse mortgage information.This is because over 2 million seniors in California alone could benefit from a reverse mortgage. That doesn’t mean the product is right for all 2 million, but it should be an understood option in all cases.Moreover, reverse mortgage education needs to continue, because there will be approximately 6.4 million Californians age 65 or over by 2025.
In general, the California Reverse Mortgage is no different than any other reverse mortgage.The same rules apply and can be found at Reverse Mortgage Page’s reverse mortgage information.
There is at least one unique fact that a California reverse mortgage borrower should know. The State of California has a property tax deferral program whereby seniors can borrow money from the government to pay property taxes. There are certain restrictions and those can be learned at the office of the California State Controller. If the major reason for seeking a reverse mortgage in California is to pay off property taxes, this is something to look into.
The agency that regulates mortgage brokers in California is the Department of Real Estate (DRE). Make sure your California mortgage broker is licensed with the DRE.
There is a specific California law that provides that reverse mortgages can be paid back in advance without any penalty. This, however, does not bar fees, payments, or other charges that would have otherwise been owed when the reverse mortgage came due.
Please be aware that in California, there is plenty of good reverse mortgage counseling and this is a key piece of the reverse mortgage process.

Click to find a California reverse mortgage lender