As you grow old, the most important asset people have (after their kids) are their homes. The case is no different in Burbank. People value their homes because they offer a shelter and a solidity that is seldom found in other assets. Unfortunately, the home that you have worked hard all your life to build is unable to pay off the bills when you have retired from your job.It is time to use that house to unlock some equity for you. Fortunately, there is one way you may be able to enjoy the comfort and ownership of your home while also benefiting from extra cash

The simplest way to do that is to make use of the reverse mortgage option or HECM (Home Equity Conversion Mortgage) backed by FHA and offered to people who have crossed the age of 62. This means post-retirement you can take out a loan against your home using reverse mortgage in Burbank. This option lets you withdraw a portion of your home’s equity and you won’t have to repay until after you have died or left the house (only property tax, insurance and maintenance of the home needs to be paid by you throughout).

The repayment of a reverse mortgage is made from the proceeds of sale of the home when you pass away or move out.  Any excess proceeds go to the homeowner or the estate, however if there is a shortfall the borrower or their estate are not responsible.Not all retirees are looking to get their mortgage amounts delivered in full. The use of reverse mortgage allows the pensioner or the borrower to create a flexible payment plan where the mortgage payments can be divided into different installments to ensure effective use of the money. If you think reverse mortgage in Burbank is for you, 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.