The city of Carson in Los Angeles County in the state of California has a distinct feel to it. The summers are cooler in the city—which exhibits an almost Mediterranean climate owing to its close proximity with the Pacific Ocean. The city is a treat for people to live in, and over the years, it has also become a treat for retirees as well.

A reverse mortgage in Carson is an FHA backed mortgage which can be a good option for homeowners 62 and older to utilize some of their home equity to pay off an existing mortgage or gain access to additional cash.

Many lenders offer homeowners reverse mortgage in Carson. The concept behind it is simple, you have built your house after years of equity saving. What good is all the equity used to purchase the house if it can’t help you pay the bills? Working along those lines, the use of reverse mortgage is when the homeowner is allowed to withdraw equity from their house in terms of a mortgage.

Fortunately, this mortgage is different from other mortgages and loans because these loans don’t have to be repaid in the borrower’s lifetime as long as they are living in the house against which the mortgage is taken and stay current on their property tax, insurance payments and property maintenance. The only payment the borrower should make regularly is the insurance payment and property taxes and maintenance of the home. Other than that, the mortgage amount and the interest charged are both recovered once the borrower leaves the home, i.e. moves out or dies.

The proceeds from a reverse mortgage in Carson are flexible which means senior citizens can be creative with their financial planning.

Contact us for further details on a reverse mortgage in Carson.

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.