If you are a homeowner 62 years or older in the city of Downey in Los Angeles County, you may be eligible for a reverse mortgage. For people who have retired and are in the golden years of their life, a reverse mortgage may be a good way to increase the money they have to enjoy the final years of their life. A reverse mortgage is a loan product which is backed by the Federal Housing Administration. It is designed to cater to the monetary needs of older people.

Important Information

A reverse mortgage in Downey is unlike other loan products. Unlike other mortgages this loan will not have monthly payments due except for required property taxes, insurance and costs to maintain the home. There is no need to repay the mortgaged amount as long as you are living in your home. If you die or move out, the home will then be used to repay the mortgage and the interest amount added on it. While you are living in the property, you don’t have to make any payments except for the insurance payments, property taxes and maintenance costs. A reverse mortgage offers retirees the chance to keep ownership of their home and still enjoy the cash from a reverse mortgage.

Yes the house is important, but it is not as important as comfort and relaxation in your golden years. The proceeds of sale are used to repay the mortgage amount and the interest accrued over it.

If you want more information on the reverse mortgage in Downey 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.