If you happen to be a senior homeowner in California, you may have found your Homeowners insurance policy has been cancelled by your insurance carrier. Countless insurance companies refuse to write new polices in the state and many are cancelling the customers they have had for years.
The options for replacement insurance are extremely difficult to find, and most homeowners can only get insured by the CA Fair Plan that only covers a structure. It does not insure personal contents, provide liability coverage and is very expensive.
Those who have not been cancelled are receiving notices their premiums are being increased, and are very expensive. However, older homeowners have a possible solution for how to continue to afford them, and that is the equity they retain in their homes.
Most seniors are retired and on fixed incomes and can't afford the increased costs, but if they use funds from a reverse loan, they have an excellent solution readily available to them. It is an ideal solution to not only cover the cost of insurance, but the increased costs of good and services, too.
The senior homeowner who used a reverse loan for life's financial challenges, continues to own their home, it never goes "to the Bank", and they will not have any mortgage payments. It is a wonderful option to eliminate financial worry.
