Chris Lamm Mortgage

What's Your Home Worth?

Get your FREE, instant valuation now!

Get Home Value

Sold Reports

Get your FREE Sold Home Report for homes in your area!

Subscribe

Reverse mortgage loans in Redding CAFacing the reality of retirement can be challenging. If you are a homeowner 62 years of age or older, with moderate to significant equity in your home, a reverse mortgage may be right for you. This type of mortgage is especially designed for seniors who own a house, but need some cash to live on. Chris Lamm: Redding Mortgage Lender is prepared to help Redding residents with reverse mortgage loans.

The HECM Program

The HECM (Home Equity Conversion Mortgage) is a federally insured reverse mortgage program and is the most prominent reverse mortgage product in the market. This product is safe and lower-risk for all parties involved. There are a few program options available through Chris Lamm under the FHA-insured HECM Program; they are as follows:

  • Monthly Adjustable Rate
    This is an adjustable rate program with a varying margin added to the index. The rate adjusts on a monthly basis and is tied to the LIBOR (London Interbank Offered Rate) plus the applicable margin. Under this type of loan, the borrower decides how he or she wishes to receive the disbursements: as a line of credit, in monthly payments, as a lump sum, or as a combination of these three options. Interest is only charged on withdrawals.
  • Fixed Rate
    This is a fixed rate program. This program requires that a borrower takes all proceeds available as a cash-out in a lump sum at closing. The one benefit of doing it this way is that it can be put in an interest-bearing account and draw interest on all funds that aren’t being used.
  • Purchase Options
    You can even purchase a home using a reverse mortgage loan. Certain restrictions apply, however. Most costs associated with a reverse mortgage can be financed into the loan; this means that they can be paid from the proceeds of your reverse mortgage transaction.

Unlike traditional mortgages, there are no payments required back to the lender until the last surviving borrower on the title no longer occupies the home as their primary residence.

Do you have more questions? Reach out to Chris Lamm: Redding Mortgage Lender, a trusted and ethical lender that cares about your welfare. He and his staff have been helping families navigate their reverse mortgage loans in Redding, California, for the past 10 years.

Reverse Mortgage Resources

Contact Chris Today!
Apply Loan Types About Us Questions?
X

Give us a call today @ 530-282-1166 or fill out the form below and we will follow up with you asap!

Chris Lamm

Contact Chris LammYour local Redding mortgage professional
970 Executive Way
Redding, CA 96002
Phone: 530-282-1166
Get Directions

NMLS#209221

X Chris Lamm Mortgage

If you have any immediate questions or concerns don't hesitate to give us a call @ 530-282-1166

0%

I agree to the following terms & conditions

I hereby certify that the information given in my submission is complete and correct and is given for the purpose of potentially obtaining a mortgage loan and/or financial services applied for.