Answers for your Arleta California reverse mortgage questions

Find your city and get information on a reverse mortgage in Arleta California


According to the Department of Housing and Urban Development (HUD), the number of HECM loan originations in Arleta California and elsewhere insured by the Federal Housing Administration rose from 7,923 in fiscal year 1999 to 112,013 in 2008, representing an increase of more than 1,300%. HUD anticipates that the number of HECM originations will rise significantly in 2009 due in part to an increase in HECM loan limits from $362,790 to $625,500.

Types of Reverse Mortgage Loans

Lenders generally charge an origination fee, a mortgage insurance premium (for federally-insured HECMs), and other closing costs for a reverse mortgage. Lenders in Arleta California also may charge servicing fees during the term of the mortgage. The lender sometimes sets these fees and costs, although origination fees for HECM reverse mortgages currently are dictated by law. The amount you owe on a reverse mortgage grows over time. Interest is charged on the outstanding balance and added to the amount you owe each month. That means your total debt increases as the loan funds are advanced to you and interest on the loan accrues. To learn more, please apply with Bills.com and get matched with a reverse mortgage lender in Arleta California or read more in our Reverse Mortgage section.

What You Need to Know About Reverse Mortgage Requirements


Qualifying for a reverse mortgage is easy and hassle-free. There is no minimum income required and no monthly repayments. And what's more, with a reverse mortgage, you do not stand the chance of losing your home. In the case of a Home Equity Conversion Mortgage (HECM), HUD requires that you meet with a counselor from an independent government-approved housing counseling agency. The counselor must explain the loan's costs, financial implications, and alternatives. This is a tremendous resource. Shop the loan market all you want, but take what you find to a counselor who can walk you through all your options and compare them, side by side.

Arleta California Reverse Mortgage Financing

Because you retain title to your home in Arleta California, you are responsible for property taxes, insurance, utilities, fuel, maintenance, and other expenses. If you don’t pay property taxes, carry homeowner’s insurance, or maintain the condition of your home, your loan may become due and payable. Interest on a reverse mortgage is not deductible on income tax returns until the loan is paid off in part or whole.

Get the Best Deals with Bills.com

If you do not understand the cost or features of a reverse mortgage or any other product offered to you in Arleta California -- or if there is pressure or urgency to complete the deal -- walk away and take your business elsewhere. Consider seeking the advice of a family member, friend, or someone else you trust.

See One Reverse Mortgage review to learn more about a reverse mortgage servicer Bills.com considered.

Help With a Arleta California Reverse Mortgage
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