Commerce is a Californian city that is beautifully planned, has nice and humble residents, and most importantly, is one of the few cities that don’t have as large a population. The city of Commerce has attracted hundreds of senior citizens to spend the rest of their days in the beautiful city. Unfortunately, as you grow old, you don’t have the liberty of falling back on your monthly salary payments or working overtime on your job.

Once you have retired, more often than not, there is nothing other than the money you saved up or the social security benefits that you are entitled to, to support you through the rest of your life. The amount saved up for post retirement expenses can be used up in sudden expenses, leaving you with not enough to lead a life that you wanted to maintain your post retirement finances.

Get a Reverse Mortgage and Ease the Financial Burden

Getting a reverse mortgage in Commerce is one way to end financial uncertainty and ease off your expenses. While most people over the age of 62 dread getting loans and mortgages for fear that it might compromise their home as a collateral property, reverse mortgage is different and allows people over 62 a greater relief.

As part of the mortgage retirees are able to withdraw money against the equity of their home and keep the ownership and possession of their home for as long as they pay the insurance and property taxes as well as maintain the upkeep of their home. The mortgage payments don’t have to be made by the borrower as long as they are alive or as long as they live in the house and are current with property taxes, insurance and upkeep on the home. When they die or move out, their home will be sold and the proceeds of sale used to pay off the mortgage and the interest accrued on the mortgage, while any excess proceeds go to the heirs any shortfall is handled through the federally backed mortgage insurance.

If you are looking for a flexible mortgage, contact us today to get a reverse mortgage in Commerce!

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.