| California Reverse Mortgages Provide Key to Unlock Home Equity For ...
California reverse mortgages allows seniors to supplement income by converting a portion of the home equity into cash. FreeFinancialConsulting.com is not a mortgage broker but offer free advice to the public on all personal money matters, including all home loans, and California reverse mortgages. (PRWEB) September 8, 2006 -- California reverse mortgages are becoming extremely popular with seniors in this state since The U.S. Department of Housing and Urban Development (HUD) created one of the first.
"A reverse mortgage in California allows older Americans to supplement social security, meet unexpected medical expenses, make home improvements or take a vacation by converting a portion of the home equity into cash," states George Lincoln, Vice President of FreeFinancialConsulting.com.
Governor signs anti-scam bill
PALO ALTO Gov. Arnold Schwarzenegger swept into Palo Alto on Tuesday to sign a bill that adds protections against scam artists offering reverse mortgages. "Getting a reverse mortgage can be very helpful to some people, but it's also a huge decision to be made," Schwarzenegger said before signing the law, which was sponsored by state Sen. Joe Simitian, D-Palo Alto. "I want to make sure that people have all the information they need before making any commitment." The bill-signing ceremony took place at Avenidas, a nonprofit agency serving seniors, who are the most common victims in reverse mortgage stings. As real estate prices have skyrocketed, many Californians who bought their homes years ago at modest prices have become house rich but cash poor, Simitian said. Reverse mortgages allow borrowers to use their home equity to get loans that do not have to be repaid until the home is sold or passed to an heir.
Governor signs bill to help homeowners
Gov. Arnold Schwarzenegger swept into Palo Alto on Tuesday to sign a bill that adds protections against scam artists offering reverse mortgages. "Getting a reverse mortgage can be very helpful to some people, but it's also a huge decision to be made," Schwarzenegger said before signing the law, which was sponsored by state Sen. Joe Simitian, D-Palo Alto. As real estate prices have skyrocketed, many Californians who bought their homes years ago at modest prices have become house rich but cash poor, Simitian said. Reverse mortgages allow borrowers to use their home equity to get loans that don't have to be repaid until the home is sold or passed to an heir. But some unscrupulous dealers have taken advantage of the mortgages, making targets of the elderly and people with imperfect credit.
Governor signs anti-scam bill in Palo Alto
PALO ALTO Gov. Arnold Schwarzenegger swept into Palo Alto on Tuesday to sign a bill that adds protections against scam artists offering reverse mortgages. "Getting a reverse mortgage can be very helpful to some people, but it's also a huge decision to be made," Schwarzenegger said before signing the law, which was sponsored by state Sen. Joe Simitian, D-Palo Alto. "I want to make sure that people have all the information they need before making any commitment." The bill-signing ceremony took place at Avenidas, a nonprofit agency serving seniors, who are the most common victims in reverse mortgage stings. As real estate prices have skyrocketed, many Californians who bought their homes years ago at modest prices have become house-rich but cash-poor, Simitian said. Reverse mortgages allow borrowers to use their home equity to get loans that do not have to be repaid until the home is sold or passed to an heir.
|
