The $6 Million Amount is Significantly Higher than Most Other Companies Can Offer
SAN RAFAEL, CA / ACCESSWIRE / July 11, 2016 / The founders of California Mortgage Advisors, Inc., a full service mortgage banker, are pleased to announce that they are now able to provide their clients with a reverse mortgage option of up to $6 million.
As Executive Vice President Scott Baer noted, this high amount definitely helps California Mortgage Advisors, Inc. stand apart from the competition; most companies can only offer reverse mortgages up to $417,000 or $625,000 depending on the community and other variables.
"Our offering a reverse mortgage up to $6,000,000 for our California clients is unique to maybe two or three other companies in the United States," Baer noted.
For seniors who are having difficulty making ends meet each month, a reverse mortgage can really help ease their financial stresses. They are named the Home Equity Conversion Mortgage (HECM) by the FHA, which also insures them.
As Baer explained, with a reverse mortgage, homeowners can turn the built-up equity in their house into much-needed money.
"An HECM harvests or converts a substantial portion of value built up over the years into ready cash," he said, adding that the borrower will receive a large check when escrow closes.
"When a HECM is used for a refinance, the home owner receives a substantial cash payout, or arranges a plan to receive cash payments at a later date, and continues to live in the home, retaining the title."
Other benefits of a reverse mortgage, noted Baer, is that refinancing is possible when interest rates go lower, and there are no restrictions on how people use the money.
The fact that California Mortgage Advisors, Inc. would expand their reverse mortgage services to include such a generous amount will not surprise the many customers who have worked with them over the years. Since the company first opened in 1993, they have developed a well-deserved reputation for helping clients get the best reverse mortgage for their financial needs.
Anybody who would like to learn more about California Mortgage Advisors, Inc. is welcome to visit the company's user-friendly website; there, they can read more about their reverse mortgage services.
About California Mortgage Advisors, Inc.:
California Mortgage Advisors, Inc. is a full service mortgage banker servicing California since 1993. They have built a strong reputation by providing professional and honest client consultation, highly competitive loan programs and superior customer service to their clients and real estate professionals. For more information, please visit http://www.calmtg.com/
SOURCE: California Mortgage Advisors, Inc.