Refinance Your Mortgage
If you’re a homeowner in Modoc County that’s 62 and older, you can use a reverse mortgage loan to access your home equity to aid with retirement expenses. Reverse mortgage loan proceeds can be used to pay for medical expenses or other obligations.
A reverse mortgage will also safeguard your investment accounts during economic slowdowns, or even to put off taking Social Security and maximize your monthly income later down the line.
“Our interaction with Estate Solutions was outstanding. They responded to our inquiries and connected us with a local broker that got the property we wanted under list price, and secured the loan.”
“Extremely attentive and helpful with our home refinance. They assisted us in finding the perfect loan officer that lowered our interest rate even though it was a cash-out refinance. They always responded to our emails quickly when we needed help. The process relieved a lot of stress, and we got everything done fast.”
“They really took the time to listen and understand what I was looking for from the moment we spoke. They’re knowledgeable, passionate, and professional, and went above and beyond to find many options that met our criteria. This could have been a complex and difficult request from a client, but they got it done!”
The majority of borrowers choose a Federal Housing Administration-backed home equity conversion mortgage (HECM). The HECM is popular because it offers consumers in Modoc County protection by requiring an impartial reverse mortgage counselor and protects lenders from losses by charging borrowers mortgage insurance.
HECM funds can be used for any intent. The maximum claim amount of a HECM limits how much a homeowner can borrow. In 2022, the highest payout for a HECM in the United States is $970,800.
First we determine we determine the best reverse program you qualify for. We analyze your financial situation, and your property value.
We utilize our large network of reverse mortgage vendors to find you the best offers based on your needs. You make the final decision.
After you decide on the best program that fits your needs, the process begins. We can manage everything for you to conserve your time.
Your reverse mortgage will be completed quickly and professionally. If you have any issues, contact us. Remember, we work for you.
With a reverse mortgage in Modoc County, you can live in your home for as long as you want without having to make monthly mortgage payments.
Your only obligations as a borrower are to continue paying property taxes and insurance, to keep the property in good condition, and to follow all other loan terms.
You make no monthly mortgage payments with a reverse mortgage. You are free to stay in the house for as long as you want. Your only obligations as a borrower are to continue paying property taxes and insurance, to keep the property in good condition, and to follow all other loan terms.
Yes. You will retain ownership of your home with any reverse mortgage loan as long as you pay your property taxes, homeowners insurance, and follow the loan terms. If you fail to meet these obligations, the bank will take title to your home.
This small piece of information is one of the most common misconceptions about reverse mortgages. The truth is that as long as you pay your taxes and insurance and follow the terms of your loan, you are the owner of the home and can live there for as long as you want.
To be eligible for a reverse mortgage, you must meet the following requirements:
Most homeowners select one of three types of reverse mortgages:
Home Equity Conversion Mortgages (HECMs). HECM funds can be used for any purpose. The “maximum claim amount” of a HECM limits how much a homeowner can borrow. In 2022, the maximum claim amount for a HECM in the United States, is $970,800.
Proprietary Reverse Mortgages. Private companies provide reverse mortgage programs with loan amounts that exceed the FHA’s HECM loan limits. You may be able to borrow more money from the start than with a HECM, but these proprietary reverse loans are not insured by the federal government and may be more expensive.
Single-Purpose Reverse Mortgages. Special reverse mortgages may be offered by state and local government agencies to meet specific homeowner needs, such as paying past-due property taxes or making repairs to keep a home safe and livable. However, not every state provides them.
A reverse mortgage may be advantageous if:
Estate Solutions can help you buy, sell, refinance, acquire a purchase loan or make home improvements. Contact us for expert advice. Dealing with real estate can be a real hassle. Put us to work for you.