As you grow old, the problems you face get more complex. You are 62 and your find yourself retired from the job, living on pension or whatever little money you have saved up and the expenses just keep on coming. The medical bills continue to rise as opposed to when you were younger, the cost of products is increasing and you have to maintain all of these expenses in a limited fixed pension which is not going to increase.

More and more people in their post retirement phase, also dubbed the golden age are having to reach a compromise on their standard of living, often having to lower it in a bid to make sure that they don’t run out of money.

62 is not the age for compromises and to change the way you live your life. You need to find other ways of bettering your financial position. A reverse mortgage in Hermosa Beach is one way of doing that. As part of the mortgage you are given a mortgage amount based on the equity of your home. The mortgage is tax-free and you only have to pay insurance and property taxes and maintenance costs on the home.

There is no need to repay the loan in your lifetime. You can live in the house for as long as you want as long as you maintain tax and insurance payments and maintenance costs of the home. Only when you decide to move out or die, will the house be sold and the proceeds used to repay the loan and the interest charged on it.

Are you looking a good reverse mortgage in Hermosa Beach or for more information on the subject? Either way, 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.