You’ve invested in your home, and it has paid off. You live in a house that you love, where you have built a lifetime of memories. But did you know that that investment could pay off in more ways than one during your retirement?
If you are age 62 or above, and you are looking for a more comfortable living during your golden years, you can augment your income using a reverse mortgage.
A reverse mortgage in LA makes it possible to convert equity you have invested in your home into cash. That cash is available to you to spend as you choose. Borrowing against equity in your home through a reverse mortgage does not mean you need to move out. You can remain in your home for the rest of your life.
There are literally endless possibilities for what you can do with reverse mortgage income. There are no restrictions.
Some ideas might include:
Remodel your kitchen, install an addition, add energy-efficient systems, or make other upgrades to your house.
Create or grow an emergency fund.
Help a grandchild pay for college.
Take care of medical expenses, automotive costs, or other emergency bills.
Buy a new car.
Put a down payment on a second home.
Pursue a lifelong goal or dream.
Take a trip.
Your decisions concerning how you spend your reverse mortgage income are 100% yours. Your lender has no say.
Because multiple disbursement options are available, you also can control when and how you receive the money.
You get to remain in the home even though you are borrowing against your equity.
Income received through a reverse mortgage is commonly not taxed. To find out whether yours will be or not, your tax advisor should be consulted.
The reverse mortgage doesn’t need to be paid off until a maturity event occurs (such as when you sell the house, or when the last borrower on the mortgage passes away).
If you meet the requirements listed below, you might qualify to take out a reverse mortgage and enjoy all of its benefits.
At least one borrower on the home loan must be age 62 or above. It is not necessary for all borrowers on the mortgage to meet this requirement.
You must be the home’s owner, and demonstrate that you own 50% or more equity in it. It has to be your primary residence.
Before applying, you will need to be up-to-date on property taxes, homeowners insurance payments, and any other home maintenance payments.
Other factors which may impact your eligibility include your credit score, income and tax history.
For many senior borrowers, a reverse mortgage is literally life-changing. Imagine what it could do for you. Increase your income and keep living in your beautiful Los Angeles home. Call (818) 601-2231 to apply for a reverse mortgage in LA today.
Shannon Christenot is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.