A reverse mortgage is a unique type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years. The reverse mortgage has earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, a lender makes payments to you. The money from a reverse mortgage can be used for anything from daily living expenses to home repairs and home modifications.
Reverse Mortgage Qualifications
To qualify for a reverse mortgage you must be at least 62 and own your own home. There are no income or medical requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a reverse mortgage to pay off a first mortgage.
Here at Southern Oaks Mortgage, Inc., we cover the entire State of California, including some of the areas where we have specifically done loans in: Valencia, Newhall, Saugus, Canyon Country, Castaic, Val Verde, Santa Clarita, Stevenson Ranch, Acton, Aqua Dulce, Lancaster, Palmdale, Los Angeles, Griffith Park, San Fernando Valley, Northridge, Chatsworth, Granada Hills, Encino, Tarzana, Woodland Hills, North Hills, West Hills, Canoga Park, Winnetka, Van Nuys, North Hollywood, Studio City, Beverly Hills, Pacific Palisades, Toluca Lake, Panorama City, San Jose, San Francisco, Fresno, Sacramento, San Diego, Long Beach, Oakland, Santa Ana, Anaheim, Westlake Village, Thousand Oaks, Simi Valley, Long Canyon, Moorpark, Conejo Valley, Agoura Hills, Calabasas, Bakersfield, Riverside, Stockton, Chula Vista, Irvine, Glendale, San Bernardino, Burbank, Huntington Beach, Oxnard, Oceanside, Garden Grove, Mission Viejo, Ontario, Pomona, Santa Rosa, Salinas, Pasadena, Corona, Torrance, Escondido, Orange, Fullerton, El Monte, Hollywood, West Hollywood, Palos Verde, Palos Verde Pennisula, Inglewood, Santa Clara, Costa Mesa, Downey, West Covina, Victorville, Norwalk, Carlsbad, Laguna Niguel, Laguna Hills, Newport Beach, Newport Dunes, Temecula, Murrieta, Compton, Westminster, Whittier, Santa Barbara, Santa Monica, Hawthorne, Alhambra, Buena Park, Lakewood, Indio, Vernon, Merced, Napa.