How Does a Reverse Mortgage Work?
1. Eligibility: You must be at least 62 years old and own your home. The home must be your primary residence, and you should either own it outright or have a low mortgage balance.
2. Loan Amount: The loan amount depends on factors like your age, the value of your home, interest rates, and current FHA lending limits.
3. No Monthly Payments: You don’t make monthly payments as long as you live in the home. Instead, the loan balance increases over time as interest is added to the loan. You remain responsible for property taxes, homeowners insurance, and home maintenance.
4. Loan Repayment: The loan is typically repaid when the homeowner moves out of the home or passes away. The home is then sold, and the proceeds are used to repay the loan. Any remaining equity goes to the heirs.
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Company NMLS: 135622
C2 DRE 1821025
Personal NMLS: 454326
DRE 01207665
Corp. Website:
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Department of Real Estate, Broker # 01821025; NMLS# 135622. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional, and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California. C2 Financial Corporation has the ability to broker VA loans based on their relationship with VA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.