If you are in need of more accessible income, then a Home Equity Conversion Mortgage (HECM)
could be used with your Santa Cruz, Monterey Campbell, or San Jose, CA house. A popular alternative to reverse mortgages, equity conversion loans allow seniors to borrow money against the value of their houses. Here at Retirement Funding Solutions
, we help seniors appraise their homes so they can secure Federal Housing Administration (FHA) insured loans. These federally regulated plans have lower interest rates and do not require payments until you leave the house. FHA regulations also make sure that you will never owe more than the value of the loan itself. The borrower must occupy the home as a primary residence and is responsible for payment of property taxes, homeowner's insurance, the costs of home maintenance and any HOA fees.