How Does This Work?
First, call and speak with one of our licensed senior loan officers to begin the application process. We will conduct a quick phone interview to get a better understanding of your needs and quickly move to the application process.
Immediately following your application we begin the approval process. Our staff will work diligently to find the loan programs that best suit your needs and goals. We usually have an answer within 24 hours!
Once we’ve completed the approval process, you’re ready to fund your new loan. After you’ve completed signing the loan documents they will be returned to our funding department.
LA Reverse Mortgage Home Loans
No Monthly Mortgage Payments!
If you are 62 years or older, now you can access even more of your home’s equity and put it to work wherever you want – giving you more control over your assets, investments and cash flow.
If your goal is to supplement retirement income, a Reverse Mortgage Home Loan could provide the key to unlock the equity in your home. Ideal for homes appraised higher than FHA loan limit allows, homeowners age 62 and older can potentially access hundreds of thousands of dollars more of their equity than other loans currently offer.
Home Equity Conversion Mortgage regulations require extra documentation
Home Equity Conversion Mortgages (HECM), were often seen as loans of last resort in the past. Recent developments in HECM, however, have helped transform them into a helpful and smart retirement tool for homeowners over 62..
Homeowners must meet the following guidelines to obtain a reverse mortgage. First, borrowers must be at least 62 years old and must occupy the home as their principal residence..
Reverse-mortgage borrowers must be able to pay property taxes, origination fees, insurance, service fees, home maintenance and closing costs, so they must provide verification that they can pay these costs. Homeowners seeking a HECM also must not be delinquent on any federal debt…
Homeowner remains responsible for property taxes, homeowners’ fee, insurance and maintenance of the property.
- Homeowners remain solely on title
- Minimal income and credit requirements
- Reverse your thinking
- First lien position
- No delinquent federal debt
- Single Family Residence
- Purchase, Refinance, Cash out
- Lifelong growing safety net
- Condominium, Town House – 2 to 4 units
- Fully Funded Life Expectancy Set Aside
- Millions will be unable to meet financial needs
- 11,000 per day will turn 62 years old for the next 16 years
- 25 Million will rely on social security for 90% of their income
- Borrowers must live on the property as the primary residence
- You can purchase a new home with a Home Equity Conversion Mortgage (AKA: Reverse Mortgages)
- The repayment of the loan is deferred until the homeowner dies, sell or move out of the home and protected from owning more than value of the home when sold at loan maturity.
Loan originators should obtain these four basic documents from their clients to make sure their HECM applications pass through underwriting:
- Valid identification. All co-signed borrowers must provide proof they are 62 or older.
- Verification of principal address. HUD defines the homeowner’s principal residence as “a property that will be occupied by the borrower for the majority of the calendar year.”
- Verification of income. HECM borrowers must prove they can pay for any costs or fees associated with the loan. Although the underwriting guidelines currently are not strict when it comes to credit history, there will be a credit check. The homeowner also must provide verification of insurance along with a copy of the property tax bill.
- Counseling certificate. The homeowner must provide the originator with a copy of certificate they received after completing the required reverse-mortgage counseling.
Why Choose Us?
City Capital Realty has been in business for over 20 years. We have funded over $100 million in loans, and have relationships with hundreds of lenders and investors. This gives us the ability to say YES and fund your loan quickly at the lowest rate possible
- We can close your loan within 30 days.
- Competitive rates!
- Over 20 years of experience.
- Evening and weekend appointments.