As of late 2021 there is a reverse mortgage for people 55 years of age and older now available.
The loan is not a HECM reverse mortgage and comes with lower closing costs due to no upfront or monthly mortgage insurance not being required.
In exchange for not having mortgage insurance and being younger in age, the interest rate is higher.
I made a detailed video explaining how the loan works, click here to watch it and feel free to let me know if you would like me to run a scenario on- t-his loan option. You can click the upper right hand button on my home page "contact me" and fill in some specifics or feel free to give me a call at 805-276-1942, I lend solely in California.
Again here's the link to watch the video, https://youtu.be/F3MRIzR5xhk
C2 Reverse Mortgage
Thanks for watching my 55 and over reverse mortgage video.
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