Reverse Mortgages in California
Reverse mortgages also commonly known as a home equity conversion mortgage, are only available to homeowners 62-years and older. The home must have a very small mortgage in relation to the value of the home or be owned outright.
The benefit is, a reverse mortgage is a home equity loan that does not require monthly mortgage payments as long as the owner/borrower is personally still living in the property. The reverse mortgage will immediately come to if the borrower sells the property, dies or moves out of the home.
The reverse mortgage cannot be simply assumed by the deceased borrower’s heirs. The heirs must either refinance the reverse mortgage or liquidate the property. If they decide to refinance the property they will have up to one year to complete the refinance.
When a reverse mortgage borrower dies, a lender will typically explain options for paying off the loan to the borrower’s estate. The lender will work with heirs and if they are refinancing into a loan of their own they will typically give them up to 6 months to close that loan, or up to 12 months (6 months with two 3-month extensions) if they are selling the home.
Every 3-month extension may require evidence the home is listed for sale on the MLS.
During this time, the lender or the servicing agent for the lender will want to see the efforts of the family to sell. Communication during this time is key in order to keep the existing reverse mortgage lender at bay.
Refinancing Reverse Mortgages for Heirs in California
California Hard Money Direct offers funding in order to refinance reverse mortgages for surviving Heirs in California. In many cases, a family member suddenly finds themselves inheriting a property with a reverse mortgage in place. They quickly learn they have limited time in which to get the reverse mortgage paid off using the services of a hard money lender. It would be next to impossible to refinance a reverse mortgage utilizing the services of a conventional lender or credit union. It is typically impossible because institutional type lenders and credit unions will not provide a loan to an individual whose name is not on the title of the property.
California Hard Money Direct has been named many years running as one of the most trusted lenders in California. We offer extraordinarily competitive rates, speedy approval, funding times, and no-nonsense straightforward service. California Hard Money Direct has a well-established track record with the ability to fund a myriad of hard money loan types. Contact California Hard Money Direct to get started on your hard money reverse mortgage refinance today.
California Hard Money Direct can refinance reverse mortgages for Heirs in all of California. Including but not limited to Los Angeles, San Francisco, Ventura County, Orange County, Riverside County, Sacramento, and more.
Information on Reverse Mortgages for Heirs in California
Steps Heirs Can Take to Refinance a Reverse Mortgage
Most typical conventional lenders are not in a position nor have interest in offering a refinance of a reverse mortgage. As such, surviving family members are left with just a few options. The easiest and quickest option is pursuing assistance via a hard money lender. As a premier hard money lender, we are able to refinance a reverse mortgage in California usually in just a matter of days. The hard money lenders make a loan to the estate. The next step is for the heir to assume the loan and personally guarantee it. When these steps have been completed the official title to the property will then be in the name of the heir. Once this is completed, it puts the heir in a position to be able to move forward with a bank or credit union in order to get a conventional loan at a much lower rate. The process described above is just the vehicle allowing the final step to actually be possible.
A reverse mortgage refinance utilizing a hard money lender most often can be fully funded within 7 to 10 days. Timing with reverse mortgages is particularly critical. Often times the surviving heirs find themselves facing foreclosure proceedings. The foreclosure is initiated by the existing reverse mortgage lender. This occurs through no fault of their own. But nevertheless, they have strict time frames in which to get the refinance done. This is where the hard money lender oftentimes swoops in to save the day.
Reverse Mortgages in California
California Hard Money Direct can help surviving heirs in California with refinancing a reverse mortgage with loan amounts from $50,000 to $20 million.
Recently Funded Reverse Mortgages in California
Read what other borrowers have to say about working with our California reverse mortgage lenders
Thank you Judy for your great service. And putting in all the long hours and hard work to get me approved for my loan. I highly appreciate all you’ve done for me and look forward to doing more business with you in the future. If you have a complicated loan situation Judy/California hard money will make it happen for you no doubt about it.
California Hard Money Loans was so easy. Judy was super helpful and made the process so smooth. Can’t wait to do my next loan.
Thank you Judy for being so professional and knowledgable and making the process go so smoothly!!