When you are growing up, the post retirement age is dubbed the golden period. An age, where you will no longer have to work for a living, when you won’t have to wake up for work, where you won’t have any responsibility except your own and that of your spouse, when you’ll be free to live a stress free life. Unfortunately, that is not the case in real life. With retirement, the first set back is financial. Once you have retired you are no longer entitled to the same salary and perks as you were when you worked.

Financial setback is often the most felt. Once you retire, in your golden period, you have to compromise your lifestyle to bring it line with your reduced finances and limited social security benefits. It can be hard to reconcile especially if you don’t have a hefty amount of savings to fall back on. The one light at the end of this dark tunnel is typically your home. An asset that has been built with years of equity saved up.  This added equity can be used to better your financial position using a reverse mortgage in Huntington Park.

Out of the Ordinary

A reverse mortgage in Huntington Park does not work alongside the set rules of loan products. There is no monthly repayment schedule, no repayment has to be made as long as the borrower is living in the property and stays current with property taxes, insurance and maintenance costs.  Once the borrower passes away or decides to move out, the house is sold and the proceeds of sale used to repay the mortgage. Before that, the ownership of the house stays in the hands of the borrower as long as insurance, property tax and maintenance costs are paid.

The mortgage payments are flexible and can be made according to the borrower’s wish. Contact us today to get a reverse mortgage in Huntington Park!

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.