• Phone: (714) 420-1997
    Email: vlong@uamco.com

  • Reverse Mortgages

  • United American Mortgage Corporation is dedicated to helping you get the right mortgage for your individual needs. We offer a variety of mortgage solutions, allowing you to maximize the equity on your home.

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    Reverse mortgages are gaining in popularity among the older generation, and it is easy to see why this mortgage method might be a good option for you. Here are a few things you need to know about reverse mortgages before your make the decision:

    What is a Reverse Mortgage?

    This type of home equity loan is particularly beneficial for homeowners who are in the later stages of life. With a reverse mortgage, no monthly mortgage payments are needed, because the loan balance is repaid with the equity of the home after the person moves out or dies.

    A reverse mortgage makes it possible for people in retirement to access a part of their home equity and continue living in their home at the same time. While living in the home, the person actually receives payments from the bank based on a specific percentage of the home equity that has accumulated.

    Who is Eligible for a Reverse Mortgage?

    A homeowner must be at least 62 years old to qualify for a reverse mortgage, and they need to have a small mortgage or have their home paid off. The only way a reverse mortgage is beneficial for the home owner is if there is equity available in the home, because the equity can be used for their monthly living expenses.

    The loan amount on a reverse mortgage depends on multiple factors, including the age of the homeowner, lending limits in certain areas, interest rates, and value of the property. Additionally, the home needs to be the primary residence.

    How Can Reverse Mortgage Payments Be Used?

    Retirees can receive a monthly check from their reverse mortgage, and that cash is often used to pay for living expenses, cover medical cause, finance home improvement, or pay off debt. There are no restrictions on the way the money can be used, so your monthly check can be used at your discretion.

    Payments on a reverse mortgage can be collected through a fixed monthly payment, lump sum, or it can be applied on a line of credit.

    If you think that a reverse mortgage might be right for your individual situation, then the best thing that you can do is talk with a qualified mortgage service provider. Contact Vance Long at United American Mortgage Corporation to find the right solution for your individual needs: (714) 420-1997