A reverse mortgage in Lomita is a relatively new concept. People are still coming to terms with the fact that there is a loan product which is designed specifically to cater to the needs of the people who are over the age of 62.

This is where revere mortgage in Lomita comes into play. This loan is centered on the equity that your house possesses. Older homeowners in the Lomita region post retirement are living off pensions and social security benefits. Unfortunately, medical bills, travel expenditures, and other expenses can leave very little for a retiree to enjoy their post retirement life with. Once you are over the age of 62, you are in the golden period of your life; it is in this time that you are supposed to enjoy your life to the fullest.

Enjoying the Equity from Your Home

The equity that has been built up over the years in your home can be a blessing. By way of a reverse mortgage in Lomita, you can enjoy this benefit. Taking out a loan against the equity present in your house allows the user to enjoy more money

There are certain things about reverse mortgage in Lomita which need to be considered:

  • The borrower will continue to have the ownership of the house.
  • They will be responsible to pay insurance amount and property tax and maintenance of the home
  • The repayment of the mortgage is done after the house is sold and the proceeds of sale used.

If you are looking for more information on a reverse mortgage in Lomita, 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.