Best Reverse Mortgage Company San Francisco
Does the equity in your home help you retire?
We are passionate about assisting others in enhancing their quality of life, bringing about peace of mind, and doing all they can to make plans as the best reverse mortgage company focusing on long-term care planning.
The retired person may now enjoy every day of their retirement without having to worry about their financial situation, which they previously regarded as monotonous and uninteresting.
I hope you will learn about reverse mortgages as you browse our website. They may be a useful financial instrument for providing homeowners with more cash to live on using the equity in their homes.
Not everyone should get a reverse mortgage.
How secure are reverse mortgages?
- You can utilize a reverse mortgage to stop making monthly mortgage payments.
- Pay off any unpaid loans, mortgages, or other obligations.
- Finance home improvements
- Cover the cost of long-term care or other medical costs.
- Additional income from Social Security
- Create a line of credit as a future safety net.
There are numerous ways to use a reverse mortgage, including buying your principal property.
Working with the best reverse mortgage company can help you examine your particular situation and decide whether a reverse mortgage is appropriate for you. We work hard to give our clients the most important choices and solutions while building a long-lasting relationship of trust.
What Charges Do Reverse Mortgages Involve?
Several factors determine a reverse mortgage’s fees and costs.
For instance, the broker/lender receives an origination charge. The Home Equity Conversion Mortgage (HECM) is subject to a MIP (mortgage insurance premium) payment to FHA, appraisal, flood certification, document preparation, title, settlement, and escrow fees.
There can be monthly servicing charges.
- The prerequisites for income, assets, and credit are relatively lax.
- The property is still legally owned by the homeowner.
- Cash advances can serve any objective.
What Are The Fees For The FHA Mortgage Insurance Premium?
A Mortgage Insurance Premium (MIP) must be paid to the FHA at loan closing and regular intervals. These premiums are added to the loan balance owed by the borrower. The upfront Mortgage Insurance Premium (MIP), which is charged at closing, is determined using the appraised value of your house. The outstanding loan sum for each month is used to determine the ongoing FHA insurance premiums.
Is it necessary for me to get counseling before applying for a reverse mortgage?
Yes. Counseling is necessary to ensure that borrowers don’t learn the wrong things about reverse mortgages. This can be done with the best reverse mortgage firm or a neutral third-party HUD-approved counselor. Before closing the loan, the lender must receive a counseling certificate.
Contact your preferred best reverse mortgage company or the nearby HUD office to find a reverse mortgage counselor in your area.
Is the money I receive from my reverse mortgage subject to taxes?
It would help if you spoke with your tax expert, even though the money you get from a reverse mortgage usually is not subject to individual income taxation.
During the term of my loan, would I be required to pay any fees to the reverse mortgage lender?
The purpose of a reverse mortgage is to exempt borrowers from paying most fees during the life of the loan. The assessment and reverse mortgage counseling, which are HUD-approved, are typical upfront charges (some agencies waive counseling fees at their discretion).
However, reverse mortgages could come with a monthly servicing fee (which will be financed and added to the loan balance).
Speak to Giraffe lending for further details on the service set aside.
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