People are seldom happy with what they are earning. They want to strive for more all the time. They can go about it in different ways, in Glendora people can work hard; people can work smart to make sure they are able to increase their earning. What if you are unhappy with your monthly income but have retired from active, professional life? This is the dilemma that people who are over 62 are facing, how can they increase their financial resources?

The single biggest asset most people who have crossed the age of 62 have is their home. Reverse mortgage in Glendora is a concept through which older residents 62 and over can put their home to good use through unlocking the equity in their home.

Get Cash from your Home

A reverse mortgage is slightly different from a traditional forward mortgage. Yes, the lending agency will lend the amount based on the home’s equity, but this loan does not need to be repaid by the borrower for as long as they are alive or continue to live in the house as long as they keep current with property taxes, insurance and maintenance costs. There are no monthly installments for repayment of the mortgage. Instead the borrower can live in their house and keep ownership for as long as they are living subject to proper payment of property taxes insurance and maintenance costs.

The mortgage amount is recovered once the house is sold and proceeds from its sale are used to repay the mortgage and the interest charged on it.

If you are looking for more information on the reverse mortgage in Glendora, contact us today! We can help you lead a life you want, once you retire.

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.