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Reverse mortgages in California have grown over the past 5 years into a reverse mortgage los angeles means for seniors to experience a more financially prosperous retirement. Seniors across the state have adopted reverse mortgage programs to accomplish such worthy purposes as paying off existing mortgage debt to rid themselves of their mortgage payment; to make maintain and improve their homes with a lump sum of cash; to create a monthly stream of income that enables them to afford a more comfortable lifestyle. Seniors have found practically endless uses for the additional funds from a reverse mortgage. California reverse mortgages have been relatively easy to obtain because of the minimal requirements. Seniors need only adequate equity in their home to reverse mortgages los angeles income and other assets do not matter. But just this year, seniors in some parts of California have found that having adequate equity in their homes is not as certain as it used to be. As the real estate market in California is now firmly established on a declining path, the amount of home equity that seniors have is diminishing, making it more difficult for many to qualify for a reverse mortgage. Some parts of the state, however, are faring better than others. San Diego Reverse Mortgages. One of the hardest-hit markets in California, San Diego has seen home values drop by as much as 30% in some inland communities. Seniors, who once could qualify for a $300,000 reverse mortgage on a $700,000 home, now qualify for only $200,000 on their current home value of $500,000. As if declining values were not bad enough, San Diego County is now widely-recognized as a "declining market". As a result, most California lenders are automatically reducing the amounts that they will lend on homes in San Diego by 5-6% for their jumbo programs. Los Angeles Reverse Mortgages. Los Angeles has reverse mortgage lender los angeles with an average home price decline of 12% year over year, versus San Diego's 15% decline. One major jumbo reverse mortgage lender has announced a 5% cut to loan amounts, while another held off listing Los Angeles as a declining market. Yet another lender has started reducing the loan amounts on a case-by-case basis and has recently included homes in Los Angeles County in the cuts. San Francisco Reverse Mortgages. With the strongest real estate market in California, perhaps owing to a strong job center, San Francisco has managed to avoid the "declining market" stigma. The median price has declined a scant 1.5% in the city and county of San Francisco. Many homes exceed the million dollar price point, so most mortgage lenders offering jumbo loans will require two independent appraisals, but none have announced automatic loan amount reductions. Hopefully for the seniors who live there, the San Francisco real estate market will not go the way of Los Angeles or San Diego. Reverse-Mortgage-Info.net is a division of FutureSafe Financial reverse mortgage lenders los angeles reverse mortgages and providing qualified reverse mortgages for seniors 62 years and older. Please contact Reverse-Mortgage-Info.net for more information and a free reverse mortgage quote.
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