One of the most popular neighborhoods in Los Angeles County is the La Mirada neighborhood. The neighborhood is famous for its residents, and the senior citizens that live in the area. Neither social benefits nor pension alone are enough to maintain a healthy lifestyle. Once you cross the age of retirement i.e. 62, it is hard to compromise and change past ways. With a dwindling financial fortune however, it is hard for pensioners to survive without cutting down on their expenses. The only other way is to withdraw equity from their home. This can be done through a loan product known as reverse mortgage in La Mirada.

Not a Chip off the Old Block

Fortunately, reverse mortgage in La Mirada is different to other loan products. Here are some points that help outline what a reverse mortgage in La Mirada is:

  • This mortgage allows for a flexible withdrawal of money, pensioners can either receive the money on a monthly basis or on a yearly basis.
  • The mortgage amount and interest charged is repaid from the sale of the house after the borrower and their spouse either die, or leave the house
  • The pensioner only has to pay the property taxes insurance and maintenance on the homewhile living in the property.

If you want a reverse mortgage in La Mirada, 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.