The US has two cities called Lancaster. While one of them is in Pennsylvania, it is the city in California which is considered the more important of the two. Lancaster is part of Los Angeles County in the state of California. It is the 31st largest city in the state and is situated in the High Desert area of the state.

Lancaster is also home to over 150,000 people . Homeowners 62 and over in Lancaster may want to consider a reverse mortgage. A reverse mortgage in Lancaster is different to other loan products.

A reverse mortgage in Lancaster allows pensioners the chance to withdraw some equity from their home, which has built up over many years to help augment their finances. The mortgage granted is in line with the equity that can be generated from the house. The plus for borrowers is that in return for the mortgage there is no need to make monthly repayments except for property taxes, insurance and costs for maintaining the home. All the repayments for the loan are made right at the end when the person dies or leaves the home. In both cases, the house is sold; the money earned from the sale is used for repayments. What is left afterwards is distributed among the borrower or his heirs.

To stay in the home during the mortgage, the borrower should pay their property taxes and their insurance amount as well as maintenance on the home. If you want a reverse mortgage in Lancaster, 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.