Owning a home in Calabasas is a blessing. The picturesque location of the town makes it a wonderful place for people to live in. This is one of the reasons why a large number of  senior citizens have bought a home and decided to spend their golden years in the stunning city of Calabasas.

However, there is one problem, not everyone plans ahead for their retirement and there are a large number of people who have crossed the age of 62 and are finding it hard to live the life they wanted to post retirement off their savings or pension payments. Lack of financial prosperity in youth can be overcome with hard work but once a person crosses the age of 62, they can find it hard to work tirelessly to improve their economic standing.

Retirement Calls for Comfort

There is a reason 62 is the set age for retirement. As we grow old, our bodies long for comfort and the golden years of a person’s life i.e. the time when they have retired from their job is one where they need to have utmost comfort and calm. Reverse mortgage in Calabasas allows homeowners who have crossed the age of 62 a potential financial option.

As part of a reverse mortgage, the borrower is allowed to utilize a portion of the equity amassed in the house over the years in the form of a mortgage, which does not have to paid in your lifetime or as long as you are living in the house as long as you keep current with property taxes, insurance and maintenance of your home. While living in the house, the only payments you’ll have to make are insurance and property tax payments as well as maintenance and upkeep.  The reverse mortgage is only due once the borrower passes away or moves out of the home. If you are interested in exploring the option of a reverse mortgage contact us for the information on a reverse mortgage in Calabasas.

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.