LifeSource Mortgage Is One Of The Best Mortgage Brokers in California

If you are looking for a Reverse Mortgage California, LifeSource Mortgage may be the right place to start. The company is licensed in the state of California, as well as in Idaho and Colorado. In addition, to reverse mortgages, LifeSource Mortgage offers a variety of other home loan products. Moreover, you can learn more about Shannon Gray, the owner of LifeSource Mortgage. However, if you are unsure whether a mortgage is right for you, contact a reverse mortgage broker to learn more about the process.

Lifesource Mortage Is The Best Reverse Mortgage Broker

A reverse mortgage is a way to retain the equity in your home and enjoy a guaranteed payment for two to 10 years. The great thing about a jumbo reverse mortgage is that you do not have to pay mortgage insurance, which is required with a standard reverse mortgage. This insurance is typically two percent of the value of your home and will be an annual fee. You should ask about any borrower protection policies as well as FHA guidelines before signing a loan. Moreover, you should check whether the lender’s policies include a policy for spouses or children.

Reverse Mortgage California is a proprietary type of reverse mortgage offered by individual financial institutions. These mortgages come with fewer government regulations. Because they are proprietary, different lenders may offer different types of jumbo reverse mortgages. However, jumbo reverse mortgages are still non-recourse loans. They do not carry the same borrower projections as HECMs. If you are unsure of whether a jumbo reverse mortgage is right for you, speak to a trusted advisor and review your options.

LifeSource Mortgage is a reverse mortgage broker in California that provides comprehensive reverse mortgage solutions to clients in Orange County and beyond. Its dedicated staff is experienced and highly qualified. And they are licensed in Idaho, Colorado, and California. Aside from offering jumbo reverse mortgages, they also offer conventional loans and VA streamline and cash-out refinance loans.

The FHA guarantees that you will not owe more than the current market value of your home upon your death, in the event you die before the loan is paid off. And if you pass away, your heirs will not owe the bank more than the value of your home upon a bona fide sale or deed back to the lender.

Mortage For For California, Colorado, And & Idaho Residents

When choosing a reverse mortgage broker, be sure to look at the APR and monthly payment. These two figures will help you understand how much you can expect to pay in interest over the life of your Reverse Mortgage. The lower your APR, the better, but there is still a cost. Even if you don’t make any payments, interest continues to accrue. That’s why you see a purple segment in the pie chart.

The best part of a reverse mortgage broker is that it allows you to keep your home, which means you can enjoy the appreciated value of your home. Especially in a rising market, this value can be substantial. A reverse mortgage also protects you from the risk of the loan exceeding the home’s value, which means you can live comfortably with less money. In addition to being able to keep your home, a reverse mortgage can protect your family’s finances.

Using a mortgage broker is helpful in a hot market. If you’re in a hurry to close, a broker can help you find a loan as quickly as possible. A mortgage broker can guide you through the mortgage process, find the best loan, negotiate fees, and save you a lot of time. In addition to negotiating loan terms, a mortgage broker can also lower the fees that you must pay.

What’s About Shannon Gray?

Shannon Gray is the founder of LifeSource Mortgage, a qualified mortgage broker in California. Shannon has been in the real estate industry since 1998 and is regarded as an expert in California home loans and refinancing. A graduate of Cal State University, Long Beach, and Shannon Gray has funded thousands of home loans and has 14 years of experience.

Whether you’re a first-time buyer or a seasoned veteran, a mortgage broker can help you find the perfect loan for your unique situation. They have access to multiple lenders, and they can help you save time during the loan application process as well as money during the loan life.