Where does Bay Equity do business?
Bay Equity is based in Sausalito, CA. The company was founded in 2007 and offers reverse mortages in state in the USA.
What types of reverse mortgages does Bay Equity offer?
Bay Equity allows borrowers to apply for the following types of reverse mortgage.
Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.
A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.
Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.
What fees does Bay Equity charge for a reverse mortgage?
Bay Equity may charge a loan origination fee.