There are times post retirement when an emergency expense or two may come up, compromising the savings you had to live through your golden period without the threat of financial problems. Unfortunately, mishaps and challenges cannot be predicted beforehand. Yes, when people have crossed the age of 62 in Diamond Bar or anywhere else in the world, they deserve to live a happy, stress free life, with all of their expenses taken care of. That is not the case in real life. People need money to lead a happy, post retired life.

We recognize that, which is why people in Diamond Bar who are 62 and older may consider a reverse mortgage to utilize some of their home equity.These loan products are designed for people who are over 62, have years of equity built up in their homes and are in need of money to finance their post retirement life. A reverse mortgage in Diamond Bar  allows the borrower to access cash from their home equity and keep possession and ownership of the property during their lifetime as long as property taxes, insurance and maintenance of the home are kept current.

No Mortgage Payments As Long As You Live

What stands out about a reverse mortgage in Diamond Bar is that these loans are free from monthly repayment installments. The loan need not be repaid by the borrower for as long as they are living in their home and are current on property taxes, insurance and maintenance costs, once they decide to leave the house or they die, the house will be sold and the money from the sale used to repay the loan amount and the interest accrued on it. During their stay in the house after a reverse mortgage, the borrower is able to enjoy their house to the fullest, as long as they pay property taxes, insurance and maintenance costs.

The mortgage can be taken out flexibly with either a lump sum payment, a credit line or lifetime tenure payments. If you want more information about reverse mortgage in Diamond Bar, 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.