Real Estate in Pasadena CA

As part of the Economic Stimulus Package the loan limit on reverse mortgages has been raised from $417,000 to $625,500. A 50% increase!

This means that someone whose home was worth $625,500 or more and qualified for a $300,000 loan a week ago would now receive $450,000 and never have to worry about making a payment! Interest rates are currently around 3% which means loan amounts are near all time highs.

With the stock market in the tank and investment income at all time lows a reverse mortgage may give seniors the security they need to make it through this tough time.

Seniors can also buy a home using a reverse mortgage and never have to worry about making a payment. If their current home is too big, too costly or just doesn’t work for them anymore may be able to sell and buy a lower valued home and never have to make a mortgage payment.

If you would like more information on the Reverse Mortgage for Purchase loan or the regular Reverse Mortgage loan contact Bob Bozanic at (818) 742-3664.