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Reverse Mortgages in Selma
Selma's older homes hold substantial equity that many retirees never tap. Reverse mortgages let you access that equity without selling or making monthly payments.
Most Selma borrowers use reverse mortgages to supplement fixed retirement income or eliminate existing mortgage payments. The loan balance grows over time as interest accumulates.
You remain the homeowner and keep living in the property. The loan comes due when you sell, move permanently, or pass away.
You need to be at least 62 years old. All borrowers on title must meet this age requirement.
The home must be your primary residence. You need sufficient equity—most lenders require you own the home outright or have a small remaining balance.
Lenders assess your ability to pay property taxes, homeowners insurance, and maintenance costs. A financial assessment reviews income and credit to confirm you can handle these obligations.
Most reverse mortgages are HECMs backed by FHA. These loans carry mortgage insurance premiums and strict borrower protections.
Proprietary reverse mortgages from private lenders work for higher-value homes that exceed HECM limits. These loans offer larger payouts but come with different terms.
Shopping across lenders matters. Origination fees, interest rates, and servicing costs vary significantly between programs.
Most Selma borrowers choose lump sum payouts to pay off existing mortgages or cover large expenses. Monthly payments or credit lines work better for ongoing income needs.
The younger you are, the less you can borrow. A 62-year-old accesses less equity than a 75-year-old with the same home value.
Many clients underestimate future medical or care costs. Taking too much equity early leaves nothing for emergencies later. Conservative drawdowns preserve options.
Home equity loans and HELOCs require monthly payments. Reverse mortgages eliminate that obligation but cost more in total interest over time.
Selling the home and downsizing gives you full equity immediately. Reverse mortgages let you stay put but reduce your heirs' inheritance.
Conventional refinancing works if you have income to qualify and want lower rates. Reverse mortgages suit borrowers with limited income who need access to equity.
Selma's agricultural economy means many retirees have limited retirement income beyond Social Security. Reverse mortgages fill income gaps without requiring employment verification.
Property tax and insurance costs in Fresno County remain manageable compared to coastal California. This makes the financial assessment easier to pass.
Older Selma homes built in the mid-20th century often have deferred maintenance. Lenders require the home to meet FHA property standards before approving a HECM.
You keep ownership as long as you live there, pay taxes and insurance, and maintain the property. The loan comes due if you move permanently or fail to meet those obligations.
It depends on your age, home value, and interest rates. Older borrowers with more valuable homes access larger amounts—typically 40-60% of home value.
Heirs can pay off the loan and keep the home, or sell it and keep any remaining equity. They never owe more than the home's value.
The loan becomes due if you move out for more than 12 consecutive months. Your heirs can then sell the home or refinance to pay it off.
No. The IRS treats reverse mortgage funds as loan proceeds, not income, so they're not taxable at the federal or state level.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.