With baby boomers reaching retirement, more and more residents of LA are looking for information on Los Angeles reverse mortgage products. They may be seniors looking for ways to increase their monthly positive cashflow, or they may be children of seniors who are looking for options to make their parents’ retirement years more comfortable.
A Los Angeles reverse mortgage is a tool that can convert a senior’s illiquid home equity into cash, and can make a huge difference in a borrower’s quality of life.
If you would like to learn more about our Los Angeles reverse mortgage products and find out if a reverse mortgage is right for you and your family, please give us a call. We can be reached at 800-791-5626, or you can send us an email via our contact form. Our reverse mortgage lenders have many years of experience providing reverse mortgage loan information to clients in LA, San Fernando Valley, Glendale, Pasadena, and elsewhere in California. By getting in touch with us, you will be able to harness and benefit from that experience and expertise in the mortgage industry.
Los Angeles Reverse Mortgage: What It Can Do for You
A reverse mortgage transforms existing home equity into funds that the borrower can spend. This means that if you take out a Los Angeles reverse mortgage, you do not have to make monthly mortgage payments to a lender, which differs from a standard forward mortgage. Instead of making payments, you may receive payments. This can come in the form of a lump sum amount or the lender can make regular monthly payments to you for a certain period of time, or even perhaps for the life of the loan. Additionally, you may be eligible to have access to a line of credit that you can draw against. Lastly, you may be able to obtain a hybrid of these options.
How to Get a Los Angeles Reverse Mortgage
One of the great things about a Los Angeles reverse mortgage is that you will have a lot less stress than when you take a traditional forward loan. Relieving you of a monthly mortgage obligation can decrease your worries and help you live a more comfortable life.
To benefit from a reverse mortgage, certain requirements need to be met. For example, you will need to have ownership over the property involved or be purchasing with a HECM loan. This is key because it is the source of the home equity that will be used for your reverse mortgage. The home also has to be your primary residence for at least 183 days per year. For example, if you are taking out a reverse mortgage on a property in San Fernando Valley, but you are actually living in a different property located in Pasadena, you will not qualify on that San Fernando Valley home. Finally, you will need to be at least 62 years old (your spouse may be younger than 62).
Learn More About Our Los Angeles Reverse Mortgage Services
For more information regarding Los Angeles reverse mortgage products and to find out how much you may qualify for, you can get in touch with us at 800-791-5626. Our staff members are always ready to answer your Los Angeles reverse mortgage loan questions and provide the customized advice that will allow you to make better and more informed decisions.