Reverse Mortgage Downey CA 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 Downey 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 reverse mortgage work in Downey CA

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.

Downey CA Reverse Mortgage Payments

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?

Downey is a city located in Southeast Los Angeles County, California, United States, 13 mi (21 km) southeast of Downtown Los Angeles. It is considered part of the Gateway Cities. The city is the birthplace of the Apollo space program and Taco Bell. It is also the home of the oldest operating McDonald’s restaurant in the world. As of the 2020 census, the city had a total population of 114,355.

Near the center of the city lies what was in the 1960s one of the busiest intersections in California, the intersection of Lakewood Boulevard (State Route 19) and Firestone Boulevard (former State Route 42). Route 19 was a major thoroughfare between Pasadena and the port at Long Beach and Route 42 was along part of the old Spanish El Camino Real trail that connected the Pueblo de Los Angeles to San Diego.

In the 1960s, the town’s Downey Records achieved some notoriety with recordings such as The Chantays‘ surfing instrumental “Pipeline“; nearly two decades later, Downey’s local music scene led to the founding of The Blasters and Dark Angel.

Rancho Los Amigos National Rehabilitation Center, the main public rehabilitation hospital for Los Angeles County, is located in Downey. Rancho Los Amigos is renowned worldwide for its innovative contributions to the care of spinal cord injuries and post-polio syndrome.[18]

Downey was featured in the 2008 American action-comedy film Pineapple Express. Many of the buildings along Florence Avenue are seen in a driving sequence early in the film.[19]

Downey is home to the world’s oldest existing McDonald’s Restaurant, the so-called Speedee McDonald’s Store, which opened in 1953 at the southwest corner of Florence Avenue and Lakewood Boulevard. Damaged in the 1994 Northridge Earthquake, the store reopened in 1996 along with a museum and gift shop.[20]

Reverse mortgage rates Downey 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

Downey 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 Downey 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 Downey 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 Downey 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.

90239, 90240, 90241, 90242

Reverse Mortgage Downey CA