California Reverse Mortgage is a loan where the lender either pays you a lump sum at one go, makes regular monthly payments, extends a line of credit, or a combination of the three. You continue to own your home and pay property taxes, operating expenses and maintenance. But because you make no regular pay outs on the loan, the balance owed rises each month with the interest applied to it. In the event of your death, your heirs would be responsible for paying the total debt, which is often done by selling or refinancing the house. There are a number of pros and cons for the various California Reverse Mortgage Payment Options.
A.Line of Credit: This is when the access funds are at your discretion. The Pros and Cons of this type of California Reverse Mortgage payment are as follows
Pros: Flexibility – One of the Pros of this Reverse Mortgage Payment is that you can access funds anytime, whenever you need them.
Potential – Another Pro of this Reverse Mortgage Payment is its growth feature. The unused balance grows. This does not mean you are earning interest. The growth factor takes into consideration that your home has appreciated in value over...
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