We specialize in Orange County Reverse Mortgages for seniors. We provide Reverse Mortgages for seniors throughout Orange County. A Reverse Mortgage enables Orange County senior homeowners to sustain their retirement while living in the home and community they love.
A Reverse Mortgage is a financial tool designed by the federal government as a form of financial relief for homeowners 62 and older. It allows Orange County seniors to stay in their home, eliminate their current mortgage payment, and access their equity – tax-free! Unlike traditional “forward” home loans or second mortgages, no repayment is required until the homeowner(s) no longer occupies the property as their primary residence.
The Senior Equity Group has helped hundreds of Orange County Seniors realize their dreams of living a payment free lifestyle and providing significant increases in monthly cash flows to support enhanced “worry free” lifestyles. We specialize in Reverse Mortgages, for Orange County so our goal is to make the process as simple as possible for you. A complete no hassle experience from start to finish. We work with only the best and largest banks in the industry. Our FHA/HUD approved programs and interest rates are the best available.
Contact us for Reverse Mortgage information and our no obligation Reverse Mortgage informational package. We have helped hundreds of satisfied Seniors in Orange County find the right Reverse Mortgage.
About Orange County
Orange County is a county in Southern California, United States. Its county seat is Santa Ana. As of the 2000 census, its population was 2,846,293, though a July 2008 estimate placed the population at 3,010,759, making it the second most populous county in California, behind Los Angeles County and ahead of San Diego County.
The county is famous for its tourism, the home of such attractions as Disneyland and Knott’s Berry Farm, as well as several beaches along more than 40 miles (64 km) of coastline.
It is also recognized for its nationally known centers of religious worship, such as Crystal Cathedral, Saddleback Church, Calvary Chapel, and the Newport Beach California Temple. It is known for its affluence and political conservatism. Whereas most population centers in the United States tend to be identified by a major city, there is no defined urban center to Orange County.It is mostly suburban, except for some traditional downtown areas such as those of Anaheim, Santa Ana, Orange, Huntington Beach, and Fullerton. There are also several edge city-style developments such as the South Coast Metro and Newport Center.
While Santa Ana serves as the governmental center of the county, Anaheim is the main tourist destination and Irvine is the major business and financial hub. Four Orange County cities have populations exceeding 200,000: Santa Ana, Anaheim, Irvine, and Huntington Beach.
Thirty-four incorporated cities are located in Orange County; the newest is Aliso Viejo, which was incorporated in 2001. Anaheim was the first city incorporated in Orange County. It was incorporated in 1870 when the region was still part of neighboring Los Angeles County.
How To Qualify for a Reverse Mortgage in Orange County
To be eligible for a FHA HECM Reverse Mortgage in Orange County, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and
It doesn’t matter if you didn’t buy it with an FHA-insured mortgage. Your new FHA HECM will be FHA-insured.
To be eligible for the Reverse Mortgage in Orange County your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The Reverse Mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and must maintain the property. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”
You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than the value of your home at the time you or your heirs sell the home.