The Compton area in California has gained renewed interest after a Hollywood movie was based in this area. Compton was also one of the many cities where the FHA backed reverse mortgage loan product has started to capture the public’s attention.

Reverse mortgage in Compton is a good proposition for its residents, the area in general, and most importantly the retirees i.e. the people who have crossed the age of 62, since the program is directly addressed to them. A Reverse mortgage program is designed to provide to people who have crossed the age of 62.

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A reverse  mortgage works to help homeowners 62 and older unlock the equity built up in their home.. As part of a reverse mortgage senior citizens 62 and older are allowed to take out a mortgage of the equity of their home and this amount is delivered to them as a lump sum, a line of credit or tenure payments. A reverse mortgage in Compton is free of monthly repayments except for property taxes, insurance and maintenance of the home. The borrower is allowed to keep possession of the home, as long as they are living in house (subject to payment of property tax and insurance and adequate upkeep of the home). If they die or move out, the proceeds of sale from the house is then used to pay off the loan amount and the accrued interest  Any excess proceeds go to the heirs, however since this is a non-recourse mortgage there is no responsibility if there is a shortfall.

A reverse mortgage helps people who are over the age of 62 live their post retirement life, often dubbed “the Golden years.”

If you are looking for a reverse mortgage in Compton, or want further information on that topic. 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.