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The borrower has 3 business days after signing the papers to cancel the loan. Upon expiration of this period, the loan funds are disbursed. The homeowner accesses the funds in the form of the payment option selected.
As a borrower, you have the right to change your payment plan at any time. You simply request a new Payment Plan Agreement form from your Servicer. Once the agreement is executed, the new payment plan will go into effect the first business day of the next month.
A Home equity loan that creates cash liquidity for homeowners who are 62 years of age or older
The simplest way to explain a reverse mortgage is that reverse mortgage is a home equity loan that creates cash liquidity for homeowners who are 62 years of age or older, and it does not need to be repaid until the borrower moves, sells the house, or passes away also
Reverse mortgage in California loan amount is calculated by a formula based on the home’s value, the borrower’s age, and current market interest rates. The loan is typically repaid with either proceeds from the sale of the house or with funds available from other assets so
Reverse mortgage in California is designed to help senior citizens to convert their home equity into cash that can be used for a supplement to a fixed retirement income, pay for medical bills, pay for other daily expenses or simply improve the overall lifestyle of the borrower.