Home Equity Conversion Mortgages (HECMs), also known as reverse mortgage loans, were created over 25 years ago to help homeowners age 62 and older convert a portion of home equity into tax-free money while still maintaining ownership!
Integrated Lending Group is your California reverse mortgage specialist, our reverse mortgage rates are the lowest!
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How does it work?
A reverse mortgage loan allows you to turn some of the equity in your home into cash to improve your financial situation. With a reverse mortgage loan, you will remain on title and can stay in your home without making monthly mortgage payments during the loan period. (1)The borrower will be required to pay for property taxes, home insurance and home maintenance. The loan balance becomes due upon the occurrence of other events including non-compliance with the loan terms.
This federally-insured loan offers multiple ways to receive the proceeds and gives you the ability to spend the cash as needed. Common uses of Reverse Mortgage loans include:
- Paying off debt
- Cover costly medical bills and prescriptions
- Home repairs and modifications
- Delay Social Security benefits(2)
- …and much more!
Important features of a reverse mortgage loan include:
- Proceeds from a Reverse Mortgage loan are tax-free(3)
- There are multiple ways to receive the loan proceeds, either as a line of credit, a term payment, a tenure payment or lump sum
- Live in your home with no monthly mortgage payments(1)
- The borrower must be 62 years or older (a nonborrowing spouse may be under age 62)
- The home must be and remain the borrower’s primary residence
- The borrower must own the home
- The borrower must meet the financial requirements of the HECM program
A. AlbaWhittier, CA Read More
“Nick has been an absolute joy to work with. His INTEGRITY and HONESTY along with his diligence has made me a happy customer. He follows through on his promises and really CARES about the customer. Excellent customer service. Thank you Nick!”
T. FlavinRiverside, CA Read More
“Being an Escrow Officer, I come across many loan officers and I have to say Nick was TOP NOTCH from the beginning of escrow until the end. He constantly updated everyone and made sure all parties involved knew exactly what was happening. His WORK ETHIC and CONSTANT COMMUNICATION was OUTSTANDING and appreciated, especially by an Escrow Officer like myself!”
SeapatGarden Grove, CA Read More
“Anthony is very helpful in EXPLAINING EVERY STEP in the mortgage loan process. This is the 2nd time I have worked with Anthony. He is a PLEASURE TO WORK WITH and I highly recommend him,”
SandraHayward, CA Read More
“Anthony was able to help me refinance my home even though I’m on a limited income. He was PROMPT and FRIENDLY, and I couldn’t imagine the process could have gone any easier. I would not hesitate to work with him again!”
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Disclosure: (1) If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgage(s). With a HECM Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not comply with loan terms. Call 714-696-6773 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency. (2)Social Security benefits estimator available at www.ssa.gov/estimator.