Forget what you know about a reverse mortgage because they are one of the most widely misunderstood options available when it comes to home loans.
When used correctly, a reverse mortgage can help seniors redistribute their income, which in turn gives them more to live on in the short-term.
“A reverse mortgage is a way to tap into the existing equity in your home without incurring a monthly payment,” explained Santa Clarita Valley home loan officer Steve Schaefer. “Repayment is deferred until the last person on title leaves the home, sells the home, or pays off the loan in full.”
Santa Clarita home loan lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgage lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. Friendly mortgage brokers make the first time homebuyer experience an easy and stress-free experience — even with bad credit or no down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.