Our Riverside Reverse Mortgage Options
Our reverse mortgage specialists will help you find the perfect loan servicer for your specific life circumstances.
Riverside Reverse Mortgage Loan Process
Arnaiz Mortgage’s simple, streamlined reverse mortgage process funds your loan faster, allowing you to receive cash quickly.
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Learn how much you can receive when cash in your home equity with a California reverse mortgage loan.
Riverside Reverse Mortgages: Secure Your Financial Future
Homeowners over the age of 62 can use reverse mortgage loans to convert their home equity into money without moving out of the home they love.
Benefits of a Riverside Reverse Mortgage
Riverside County in California is an incredibly expensive place to live; the average home is worth more than $600,000, and the cost of living throughout the state is significantly higher than the national average. Rather than purchasing a new home and pocketing the proceeds, seniors can use their existing homes to fund their retirement with reverse mortgages.
With a reverse mortgage, you’ll get a portion of your home’s value as steady income you can use to pay other bills, cover house repairs, or even buy a vacation home. You also won’t have to worry about a mortgage payment unless you move out of the property, saving you cash during retirement.
As an added perk, the payments from reverse mortgages are tax-free and won’t impact your access to government benefits like Social Security or Medicare.
How Does a Reverse Mortgage Work?
The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). With this product, you replace your existing mortgage with a new, larger loan based on your home’s market value, and you receive the difference as payments from the lender.
To qualify, all cosigners must be at least 62 years old and use the property as their primary residence. You will typically need at least 50% home equity and should not owe any federal debt or cover this with your loan money.
Before your loan is funded, you must undergo a mandatory counseling session with a HUD-approved financial counselor. You can find a local counselor at the California Housing Finance Agency website. You must also undergo a cooling-off period between your counseling session and closing on the loan. The maximum loan available through a HECM is $1,149,825.
Once your reverse mortgage is approved, you can receive your funds in various ways: as a lump sum upfront payment, monthly installments, or a line of credit you can use as needed. It’s also possible to mix and match these options.
A reverse mortgage only needs to be repaid once you move out, sell the home, or pass away. In the case of inheritance, your estate or heirs will need to repay the loan if they want to keep the property, or they can sell it for at least 95% of its appraised value if it’s underwater.
Why Choose Arnaiz Mortgage for Your Riverside Reverse Mortgage
Every member of our team is committed to helping homeowners find the perfect loan product for their needs. When you work with us, you will receive transparent, honest advice and helpful information about lenders whose products you’ll love.
Our loan specialists are familiar with the local market and can offer a professional opinion on what options best reflect the current market conditions.
We’re not just here to help you get a mortgage; we’re partners in your quest for financial freedom. Our reverse mortgage process is streamlined and stress-free, so you can stay in the home you love while enjoying secure, tax-free income.
If you’re ready to put your home to work for you, contact us today at (623) 806-4645 or get a free quote online. You can also apply now to start the process.
