All California Mortgage

QUALITY PEOPLE ~ QUALITY SERVICE

Since 1992, All California Mortgage has provided quality service in every area of mortgage lending. From purchase to refinance to construction and commercial lending, we have access to a full range of mortgage sources. Our lending specialists are dedicated to finding you the right loan-with great rates, terms and costs to meet your unique needs. 

COME HOME WITH THE HELP OF ALL CALIFORNIA MORTGAGE.  

 

© 2017 All California Mortgage, a division of American Pacific Mortgage Corporation  NMLS #1850 / BRE #01215943
17 E. Sir Francis Drake Blvd., Suite 200, Larkspur, CA 94939     (800) 371-4545   inquire@allcalifornia.com 
Licensed by the Department of Business Oversight under the CRMA     Disclaimer  |  Privacy Policy 

Reverse Mortgages: Frequently Asked Questions

What is a Reverse Mortgage

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income or a lump sum of money-without having to sell their home, relinquish title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower (s) permanently leaves the home or passes away. * Consult your tax advisor. Not all products available in all states.

How does a reverse mortgage differ from a home equity loan?

Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily available cash. They differ in that with a home equity loan you must make regular monthly payments of interest and/or principal. However, with a reverse mortgage you do not make any monthly mortgage payments for as long as you stay in the home.

Does my current income influence my ability to obtain a reverse mortgage?

No. Since reverse mortgage borrowers need not make monthly repayments, there are no income qualifications in most cases.

What are the advantages of a reverse mortgage?

Remain Independent: A reverse mortgage allows you to remain in your home and retain home ownership. No monthly mortgage payments. You are not required to pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home.

Tax-free money: Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits.

Freedom and Flexibility: The money you acquire from a reverse mortgage is yours to use in any way you choose.

* Consult your tax advisor

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Ready to open a Reverse Mortgage? Apply online to be pre-approved for the loan you want.


© 2015 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply.

  ©  2017  All California Mortgage
a division of American Pacific Mortgage Corporation - NMLS #1850 / BRE #01215943
17
E. Sir Francis Drake Blvd., Suite 200, Larkspur, CA 94939     (800) 371-4545      inquire@allcalifornia.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Act     Disclaimer  |  Privacy Policy