Reverse Mortgage
How Does a Reverse Mortgage Work?
Financial Freedom and Peace of Mind for Homeowners
With a reverse mortgage, homeowners can receive funds as a lump sum, fixed monthly payment, or line of credit. The amount you can borrow depends on factors such as your age, the home’s value, and current interest rates. The loan amount is typically tax-free and can be used for various purposes, such as supplementing retirement income, covering healthcare expenses, or funding home improvements.
Benefits of a Reverse Mortgage
No Monthly Payments
One of the biggest advantages is that you do not have to make monthly mortgage payments. The loan is repaid when the home is sold or otherwise vacated.
Stay in Your Home
You retain ownership and can stay in your home as long as you maintain it and pay property taxes and insurance.
Flexible Payment Options
Choose how to receive your funds, whether as a lump sum, monthly payments, a line of credit, or a combination.
Financial Freedom
Access the equity in your home to meet various financial needs without selling your home or moving out.
The Process of Getting a Reverse Mortgage
Initial Consultation:
We begin with an in-depth consultation to discuss your financial goals, explain how a reverse mortgage works, and determine if it’s the right solution for you. Our team will answer all your questions and provide clear, honest advice.
Application and Appraisal:
If you decide to move forward, we’ll help you complete the reverse mortgage application and arrange for an appraisal of your home. The appraisal will determine the value of your home, which is a key factor in calculating how much you can borrow.
Processing and Underwriting:
Once your application is submitted, our team will handle the processing and underwriting of your loan. We’ll keep you informed every step of the way, ensuring a smooth and efficient process.
Closing and Disbursement:
When your reverse mortgage is approved, we’ll schedule a closing where you’ll sign the final loan documents. After closing, you can choose how you’d like to receive your funds—whether as a lump sum, monthly payments, or a line of credit.
What Our Clients Are Saying
Real Stories, Real Success
SC Mortgage made the home buying process so much easier. Their team was incredibly knowledgeable about the Southern California market and helped me secure a great mortgage with excellent terms. I felt supported and informed every step of the way. Highly recommend their services!
Jane D.
I was impressed by the level of personalized service I received from SC Mortgage. They took the time to understand my financial situation and provided a refinance option that significantly lowered my monthly payments. Their expertise and dedication are truly unmatched!
Mark R
As a first-time homebuyer, I had many questions and concerns about getting a mortgage. The team at SC Mortgage was patient, transparent, and incredibly helpful throughout the entire process. Thanks to them, I now own my dream home with a mortgage I can afford.
Sarah L.
