The longer a senior has owned their home, the more reverse mortgages options they will enjoy. For seniors in Southern California who have owned their home for at least 10 years, having enough home equity is usually not a problem due to the high appreciation in this region. Even though home prices now appear to be headed down, most long-term residents still have a significant amount of home equity. And once the reverse mortgages Southern California are obtained, the homeowners need not worry about further home price depreciation. It will not affect the loan or amount of money available, as the lender (or FHA) assumes the risk of further drops in value. For this reason, the time to apply for a reverse mortgage is now, to avoid any risk of being disqualified due to further home equity declines.
Western Pacific Home Loans- Reverse Mortgages
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