Monterey, California is one of the world's most beautiful cities. It is comprised of witty and intellectual artists, as well as burly life-loving fisherman, both of whom coincide wonderfully to make up Monterey's distinct culture, and flavorful contribution to the whole of The United States. Not only that, but the State in which Monterey is located in is one of the largest and most popular States in America. Many travelers, tourists, and retirees have their eye on Monterey as a location that they would like to live in. Many people have friends or family in Monterey, which is one of the many reasons a recent retiree may want to choose Monterey, California, besides the obvious allure of the wondrous port city itself. There are also many senior citizens that have been living in Monterey for quite a while, and who own homes, and who have paid off their mortgages either almost or in full. In any case, retired senior citizens in Monterey could stand to accept a little extra money (who wouldn't?), and senior citizens looking to retire in Monterey probably don't want to worry about taking out another monthly mortgage loan. Luckily, there is a different type of mortgage loan other than the one people are used to, and it can help both types of retirees. The loan is called a Monterey Reverse Mortgage.
A Monterey Reverse mortgage differs from a regular mortgage in that the borrower (homeowner) does not pay money to the lender. Instead, the lender pays the borrower (homeowner) in one of the following ways: One Lump Sum, monthly payment, periodic line of credit, or a combination thereof. However, a Monterey Reverse Mortgage is only available for senior citizens that are 62 years of age or older. This type of mortgage loan is available for people looking to finance a new house, or for people who are looking to refinance a house, in either case, both types of senior citizens will be able to receive money from the lender, and not have to pay a dime of it back as long as they live in the house. The money that the homeowners receive from a Monterey reverse mortgage lender is un-taxed, and can be used however the homeowner wishes.
The Monterey reverse mortgage loan is paid back when the homeowner decides to sell the house, or if the homeowner becomes deceased, or if the homeowner does not live in the house for more than 12 months. If, when the house is sold, there is an excess of money over and above that of the loan amount due, then the existing homeowner or heir(s) will receive in the difference. If the house sells for less than the loan amount due, then the mortgage insurance will pay the difference. A Monterey reverse mortgage is perfect for any and all senior citizens currently living in, or thinking about living in the eclectically electric city of Monterey, California. |
