Reverse Mortgage Anaheim California with Kevin A. Guttman

Are you about to retire from work, and you’re putting things in place to have a lovely retirement? Then, going for a reverse mortgage in Anaheim is an option you might want to opt for. You’re qualified to get a reverse mortgage if you are over 62 years, and you own a home with adequate home equity. As a homeowner, a reverse mortgage allows you to borrow equity. Rather than paying the lender, the lender makes payment to the borrower.

Eliminate Monthly Mortgage Payment

How does a reverse mortgage work in Anaheim California

With a reverse mortgage, you’re not required to make any monthly mortgage payments as long as you still stay in the house, and you continue to meet your usual obligations. These obligations include payment of your property taxes, maintaining your property, plus homeowners’ insurance.

Anaheim California reverse mortgage payment

Reverse Mortgage payments can be made either as a lump sum, Periodic advances through a line of credit, as a monthly payment as long as the borrower still resides in the home, or as a combination of any of them. Now comes the question, what precisely do you stand to gain by taking a reverse mortgage?

Geographic info for Anaheim California

Anaheim (/ˈænəhaɪm/ AN-ə-hyme) is a city in northern Orange County, California, United States, part of the Greater Los Angeles area. As of the 2020 census, the city had a population of 346,824, making it the most populous city in Orange County, the tenth-most populous city in California, and the 56th-most populous city in the United States.^[6] The second largest city in Orange County in terms of land area, Anaheim is known for being the home of the Disneyland Resort, the Anaheim Convention Center, and two professional sports teams: the Los Angeles Angels of Major League Baseball (MLB) and the Anaheim Ducks of the National Hockey League (NHL). It also served as the home of the Los Angeles Rams of the National Football League (NFL) from 1980 through 1994.

Anaheim was founded by fifty German families in 1857 and incorporated as the second city in Los Angeles County on March 18, 1876;^[1] Orange County was split off from Los Angeles County in 1889. Anaheim remained largely an agricultural community until Disneyland opened on July 17, 1955. This led to the construction of several hotels and motels around the area, and residential districts in Anaheim soon followed. The city also developed into an industrial center, producing electronics, aircraft parts and canned fruit. Anaheim is a charter city.^[7]

Anaheim’s city limits extend almost the full width of Orange County, from Cypress in the west, twenty miles east to the Riverside County line, encompassing a diverse range of neighborhoods. In the west, mid-20th-century tract houses predominate. Downtown Anaheim has three mixed-use historic districts, the largest of which is the Anaheim Colony. South of downtown, a center of commercial activity of regional importance begins, the Anaheim–Santa Ana edge city, which stretches east and south into the cities of Orange, Santa Ana, and Garden Grove. This edge city includes the Disneyland Resort, with two theme parks, multiple hotels, and its retail district; Disney is part of the larger Anaheim Resort district with numerous other hotels and retail complexes. The Platinum Triangle, a neo-urban redevelopment district surrounding Angel Stadium, is planned to be populated with mixed-use streets and high-rises. Further east, Anaheim Canyon is an industrial district north of the Riverside Freeway (SR 91) and east of the Orange Freeway (SR 57). The city’s eastern third consists of Anaheim Hills, a community built to a master plan, and open land east of the Eastern Transportation Corridor (SR 241 toll road).

eighborhoods

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Whittier has several neighborhoods. The area around Philadelphia Street and Greenleaf Avenue is known as Uptown Whittier and contains the traditional central business core. Just north of it are the neighborhoods known as Central Park and Hadley-Greenleaf. They have been designated historic districts by the city Historic Resources Commission and comprise most of the Whittier Historic Neighborhood Association area. These districts contain many Craftsman and Spanish Colonial Revival homes. In and abutting the hills north of the historic districts is Starlite Estates. The area surrounding Whittier College is known as College Hills and was also recently designated a historic district, as it has a small cluster of homes along Earlham Drive. The area east of College Avenue is called East Whittier. It was an unincorporated agricultural community until the postwar era. The eastern part of East Whittier, developed in the 1950s and 1960s, is known as Friendly Hills, and was developed at the same time as Murphy Ranch and Leffingwell Ranch. Friendly Hills and Murphy Ranch are generally considered north of Whittier Boulevard, while Leffingwell Ranch is south of it. The area at the extreme east of Whittier is occasionally called Sunglow.

Reverse mortgage rates Anaheim California

As a homeowner, reverse mortgage makes you live a more comfortable retirement. It allows you to continue living in your home while also getting paid. Reverse mortgage rates will vary opto the current market rates, loan amount and credit history. Contact the Kevin A. Guttman team to see what today’s mortgage rates are, call (877) 251-9709

Here are the benefits to a reverse mortgage.

You remain as the homeowner on title.
You still retain ownership of your home.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.
You can also take it as a line of credit that can be tapped when needed.
You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
You’ll still get your social security or your Medicare benefits.

Once your loan has been repaid, you or your heirs are entitled to the remaining equity. In other words, the remaining equity belongs to you. These are the benefits of taking a reverse mortgage.

refinance your current reverse mortgage to access more equity

Anaheim California reverse mortgage broker

Another option is that you can be paid with a combination of these options. However, if you opt for a fixed-rate loan, you’ll be paid a single disbursement lump sum. This is good if you have a significant project you need to spend on. Contact the team at Kevin A. Guttman to get more information on a reverse mortgage.

Like every form of home financing, there are pros and cons to each. For many, a reverse mortgage is a huge lifeline and well suited to their particular situation. For those homeowners, the pros of a reverse mortgage outweigh the cons.

Here are some reverse mortgage pros for your consideration.

The proceeds are not taxable.
The borrower is not responsible for the repayment of the loan.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.
You can also take it as a line of credit that can be tapped when needed.
You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
You’ll still get your social security or your Medicare benefits.

Here are the cons of a reverse mortgage.
Property taxes, homeowners insurance, other housing fees such as HOA dues or Flood insurance must be paid by you as with any home. You have to live in the home 6 months or more a year as your primary residence, and maintain the home.

The proceeds are not taxable.
The borrower is not responsible for the repayment of the loan.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.
You can also take it as a line of credit that can be tapped when needed.

What qualifies for a reverse mortgage in Anaheim California

This particular type of home financing is only available to senior homeowners and the program has been recently reformed to be more fair and favorable towards seniors. A reverse mortgage, for many, is a solution that changes their life.

The proceeds are not taxable.
The borrower is not responsible for the repayment of the loan.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.

One couple we recently helped wanted to downsize to a house that had main floor living and no yard maintenance. They had enough equity in their home to qualify for the HECM For Purchase (H4P). They were able to purchase a home with main floor living in the neighborhood close to their grand kids and have NO monthly mortgage payment. For them, the cons of a reverse mortgage were outweighed by the benefits!

finance a new home with a reverse mortgage for purchase

access more money & better loan options with a reverse mortgage

Jumbo reverse mortgage in Anaheim California

A jumbo reverse mortgage can help you tap into your home equity during retirement and help you face everyday challenges. When you meet the age and credit score requirements, the jumbo reverse loans can be a place to age and increase your cash flow with rising healthcare costs, education, or helping out other family members.

Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of 600,000$. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.

Private firms and larger banks are generally responsible for jumbo reverse mortgages, however, mortgagers are subject to the same obligations under traditional reverse mortgages to finance their high-valued property.

Reverse mortgage lenders near Anaheim California

If you want to know if a reverse mortgage is right for your situation, you can get a free confidential analysis. We’ll ask a few questions and can easily determine if your property qualifies for a reverse mortgage. Get your FREE confidential analysis.