California Jumbo Reverse Mortgage Alternative. San Francisco Bay Area HECM Alternative For Seniors.

For San Francisco California and the surrounding Bay area home owners, there is a new mortgage program called an “Equity Purchase” that one lender is offering to senior home owners struggling with property tax and homeowners insurance rate increases as well as other unexpected increases in the cost of living that makes much more financial sense than the traditional reverse mortgage for those concerned with the inheritance and forward reverse mortgage interest expense issue.

This type of loan also operates similar to a reverse mortgage but the qualifications are a bit different.

For one, credit is still important and must be verified for latest scores with different credit agencies like Equifax, Experian and other credit reporting institution.

The next qualification is the value of the home must easily meet the $800,000 minimum required appraised value.

The last qualification hurdles are that what is owed, the balance of what is owed on the home cannot exceed 80% and client still needs to meet a minimum income requirement.

Many San Francisco and surrounding Bay area residences owe less than 80% of the value of their homes but don’t qualify for a reverse mortgage because reverse mortgage guidelines require that the debt of home cannot exceed 60% and that is if the youngest age of husband or wife or surviving home owner is age 73 or 74.

The Equity purchase reverse mortgage alternative home lending program can help you save thousands of dollars per month, even if you don’t qualify for a traditional reverse mortgage.

If the minimum age is only 62  than the possible pay-out drops to 50% which means you cannot owe more than 50% on your property and that means you have to have a ton of equity in your property to avoid coming out of pocket with  cash.  99% of people seeking reverse mortgages never come up with cash out of pocket because they prefer to wait and let their homes values rise instead or because they flat out don’t have the extra $5000 t0 $50,000 that they need to close on their reverse mortgage loan.

According to FHA home lending guidelines for reverse mortgages, the value of the maximum value of  home cannot exceed and is limited to $625,000. This means that a home owner of a home worth $850,000 who owes more than $400,000 cannot get a reverse mortgage unless he or she has an extra $75,000 laying around dying to be spent.  But Senior California home owner with a home value of $850,000 and a mortgage balance of $400,000 can easily qualify for an equity purchase loan if he or she has maintained bankable credit and still have income.

If you are seeking financial help, owe less than 80% of your home value, have still maintained your credit and income, but do not qualify for a traditional reverse mortgage, do yourself a favor and fill out the contact information on our web-site as well as the best time to call and we will make sure to reach you and provide the lender information you need and make sure you have direct access to all of your home lending options

Reverse mortgage Lenders Direct is committed to assisting and providing all Senior California Home owners with every possible suitable home lending option possible.

Reverse Mortgage Lenders Direct is not satisfied with just providing you additional reverse mortgage home lending options, we are also relentless in our efforts to assist you in attaining the lowest possible lenders fee’s and the best home lending terms.

Reverse Mortgage Lenders Direct is here to help you in any way we can with your properties retirement needs.