Pasadena is one of the leading cities in Los Angeles County. A large number of senior citizens who have worked hard for their country reside in the city, which is filled with a number of star attractions for tourists. The residents of Pasadena have given their all for the country; it is only fair that the Federal Housing Authority backed Reverse mortgage idea was introduced for the residents.

A reverse mortgage is a specific loan product, which is designed to cater to the financial needs of older people who have crossed the age of 62. As you grow old, there may be a number of expenses that you would not have planned, a reverse mortgage allows the retiree house owner to withdraw equity which has been building up in their homes for years. This equity is paid to them in the form of a mortgage against the home.

However, unlike other loan products where the home’s ownership is hinging on the continuing payment of the loan repayment amounts, a reverse mortgage is different. There is no need for a reverse mortgage in Pasadena to put retirees under the added pressure of having to pay regular loan repayments in addition to their expenses already. With a reverse mortgage there are no required payments expect for property taxes and insurance and maintenance of the home.

The retiree will continue to own and live in the house as long as they live or see fit as long as they keep current with property taxes, insurance and maintenance of the home. The loan is repaid when the last borrower moves out of the home or passes away.

If you want more information on reverse mortgage in Pasadena, 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.