Los Angeles Reverse Mortgage
Understanding how a Reverse Mortgage works and affects you, will go a long way in giving you the information you need to see if a Reverse Mortgage Los Angeles is right for you. We understand your home means a lot to you and your family. So any decision about doing a Reverse Mortgage in Los Angleles needs to be in your best interest. Because protecting your financial health is very important to you and your family. That is why I take great pride in making sure that every client understands what a Reverse Mortgage is and how it will work with each Borrower. After you have a chance to read this information, please make sure to reach out to me. My name is Susan Domino and I am the Reverse Mortgage Specialist for Los Angeles. I can help you walk through the steps and answer any questions you may have. My promise to you is to always be available, patient and give you the personal attention you deserve. I am one of the leading Reverse Mortgage Lenders in California and would be happy to answer any question you may have.
Why do a Reverse Mortgage?
• Eliminates your Monthly Mortgage Payments
• Proceeds Can be Used on Whatever you Want
• Get the Money You Need to Pay Off Medical Bills
• Get the Money You Need to Help Enjoy Your Retirement
What Is a Reverse Mortgage ?
A reverse mortgage loan is a home mortgage that gives you access to the equity you have built in your home. A Reverse Mortgage is like a traditional mortgage, but the difference with a traditional mortgage, when you take on debt to buy your home, you are also required to make monthly payments to pay off the loan. With a Reverse Mortgage you gain access to the cash in your home equity by taking on debt while reducing the equity in your home, but the Great Benefit with a Reverse Mortgage Los Angeles, is that there are no monthly mortgage payments and the loan is only paid off if you sell or leave the property as your primary residence.
A Reverse Mortgage in Los Angeles is similar to a home equity loan and a traditional mortgage loan in the sense that you take on debt when you refinance your home. With a Reverse Mortgage you do not make monthly mortgage payments and therefore you can reduce your monthly debt and increase the money you can use for whatever you want.
Benefits of a Reverse Mortgage Los Angeles
• Access to Cash Equity trapped in your home
• Ability to spend the Cash Equity from your home on whatever you want
• No More Monthly Mortgage Payments
• Peace of mind to know you can live in you home for as long as you want
A Reverse Mortgage will give you the right to receive the money for the things you need or want, while still giving you the right to live in and owning your home.What can I use the money for? You can use the money you receive from Los Angeles Home Loans for anything you want or need. It’s your money and there are no strings attached or limits by which you can spend your money on.
You can use the money to:
• Increase your cash flow
• Eliminate your monthly mortgage payment
• Eliminate credit card bills
• Eliminate medical bills
• Get those home repairs and improvements done
• Take that trip you wanted, travel (go see the world)
• Improve your lifestyle Your Options
• A lump sum
• Get all your money at closing
• A monthly payment
• Fixed amount over time
• Monthly payment for the rest of your life
• A line of credit
• Access to your money without taking it out today
• Or a combination of all of the above
Questions On Reverse Mortgage Los Angeles
* Stats are from the national survey completed by NRMLA in 2010 What are the most common questions?
I have a mortgage on my home, can I still do a Los Angeles Reverse Mortgage?
Yes you can still take out a Reverse Mortgage. In fact, several borrowers have current mortgages on their homes that do a Reverse Mortgage in Los Angeles. This is usually the most popular reason borrowers do reverse mortgages.
Will this take away from my children’s inheritance?
No, this is a mortgage against your property and can be paid off at anytime. Normally the process is that your home is sold, the mortgage is paid off and any remaining equity goes to you and your heirs.
What are the borrower requirements to do a Reverse Mortgage?
This loan was specifically designed for Seniors by the US Department of Housing and Urban Development (HUD).
The basic requirements are all as follows:
• All Borrowers must be 62 years old or older
• You must be the home owner
• You must occupy the home as your primary residence If you said Yes to all of these questions, then you qualify More Common Questions
• How much money can I get?
The amount of money you can get access to depends on a few things:
1. Your Age
2. The value of your home
3. The current interest rates
How do we repay the loan?
Once the last borrower leaves the home. The home can be sold topayoff the debt and the remaining equity will go to the owner or heirs.
What makes a Los Angeles Reverse Mortgage Different?
1. No income or debt requirements
2. No monthly mortgage
AARP National Survey of Reverse Mortgage Shoppers in 2006 93% Of Reverse Mortgage borrowers said that a reverse mortgage had a positive effect in their lives.
What is the catch?
There isn’t a “Catch” to a Reverse Mortgage. This type of loan was specifically designed for seniors by the US Department of Housing and Urban Development Department (HUD) for Seniors. The basic requirements being that you must be 62 or older to qualify and occupy your home as your primary place of residence. You do have ongoing home ownership responsibilities, which you are already doing now.
Call Today at (805) 966-6747 and Ask Los Angeles Reverse Mortgage Specialist Susan Domino how you can take the first step.