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San Diego, CA (PRWEB) January 13, 2013
Southern California based online reverse mortgage information provider is launching a series of short information packed videos about senior home loans. The YouTube videos released just a short time ago has already been viewed many times, which means people are interested in learning more about the reverse mortgage products available. If a person is 62 years or older and has equity in their homes they may be eligible for a reverse mortgage. Most of these loans are HECM reverse mortgages. They are the only reverse mortgage insured by the U.S. Federal Government, and are only available through an FHA approved lender. The amount of money that someone will receive is based on a few factors, one is the age of the youngest borrower, and another is the amount of equity in the property. To learn more about these types of loans or to get basic reverse mortgage information visit, http://www.SeniorBankServices.com
These types of loans are popular because of the minimal requirements that allow individuals to qualify for the loan. Although Southern California was hit very hard with the housing bubble, there are still plenty of homes with equity in them. The most common reason seniors do a reverse mortgage in San Diego is they are house rich and cash poor. Their daily living expenses and medical bills are more than some seniors can live on comfortably. This loan is a solution for some, but not for everyone, it is best to consult with a San Diego reverse mortgage specialist. Orange County and Los Angeles also are areas that have seen plenty of applications for the loan program as well; reverse mortgage Orange County lenders have been busy with interested seniors also.
The new video commercials dont provide enough information to make a decision whether or not the product is right for someone, rather a quick guide of the basics. The company strongly believes this type of product should be discussed with a qualified reverse mortgage lender and should be considered carefully. Remember nothing is for free. There are fees involved in the loan such as loan origination fees and 3rd party fees to name a few. A reverse mortgage specialist can explain all these things to you, along with consultation to help educate borrowers.