The Bell Gardens area in the state of California is home to a number of senior citizens who are looking to make the most of their lives after retirement. Life can be hard for a person post retirement especially in a case where the financial situation isn’t as ideal as the person would have hoped for. While some people are quick to save for their retirement life, others take a long time before thinking about their golden years.

The only real asset many people have left in the midst of financial tightening is their home. Homes are built through years of equity compilation. What if you could keep your home in your lifetime or as long as you wanted to live in it and get a healthy mortgage out of it as well?

Making Your Home More Useful

The concept of reverse mortgage in Bell Gardens isn’t as popular as the rest of the loan products, but it is quickly catching up owing to its flexibility. People who have crossed their age of retirement 62 and older are well placed to make use of a reverse mortgage as a means of using the equity built up in the home over many years and still enjoying the roof over your head that you have created.

In terms of reverse mortgage there are certain things that need to be taken into account. One of the first is that a reverse mortgage will only work for people who are over the age of 62. In addition to that, there is no need to pay monthly mortgage payments on a reverse mortgage, except property tax and insurance payments and maintenance of your home.You can live in the house without paying any charges, except for the property tax and insurance fee and regular maintenance and upkeep.  The reverse mortgage is only due when the homeowner passes away or moves out of the home.  At that time the house can be sold and the proceeds can be used to pay off the reverse mortgage.  Because a reverse mortgage is a non-recourse loan the borrower or their heirs are not responsible if the sales price of the home is not enough to pay off the full reveresemortgae amount. On top of that, the funds from a reverse mortgage can either be taken upfront or in flexible payment plans.

If you are looking to get information on a reverse mortgage in Bell Gardens, contact us today!

This material is not from HUD or FHA and has not been approved by HUD or a government agency.

As with any loan there are risks associated with a reverse mortgage.  The right to remain in your home is contingent on complying with reverse mortgage loan terms and it is possible to lose your home if you do not comply with the terms of the reverse mortgage such as keeping current with property taxes, insurance and maintenance costs.