There are few cities in Los Angeles County that have the same popularity as La Puente. It is no surprise then that the city is home to a relatively underutilized loan product for people who are struggling with their finances. Reverse mortgage in La Puente can be hailed as a loan product which has the ability to change the lives of a large number of people who have crossed the age of 62.

A reverse mortgage in La Puente is designed to cater to the needs senior citizens, i.e. people who have crossed the age of 62.

A reverse mortgage is drawn against the equity in the borrower’s home. The equity present in the  home is used to calculate the amount of mortgage that a lender can lend. It is on the lender to decide the maximum amount which can be released by way of a mortgage; the borrower on the other hand has the authority to decide the mode of payment. Whether they are looking to receive monthly mortgage payments or have it transferred to their account in one lump sum.

The mortgage amount received is repaid only after the borrower and their spouse die or move out of the property. The house is sold and proceeds of sale used to make the payment for the mortgage amount and interest rate. Any proceeds of sale left are transferred to the borrower’s heirs. If the amount of the mortgage balance is more than the home’s equity, the heirs of the deceased borrower cannot be held liable.

To stay in the property the borrower needs to be pay property taxes and insurance as well as upkeep and maintenance of the home. If you want the information on a reverse mortgage in La Puente, 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.