Reverse Mortgage Norwalk 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 Norwalk California 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 West Norwalk 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.

West Norwalk California 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?

Norwalk is a city in Los Angeles County, California, United States. The population was 102,773 at the 2020 census.[6]

Founded in the late 19th century, Norwalk was incorporated as a city in 1957. It is located 17 miles (27 km) southeast of downtown Los Angeles and is part of the Greater Los Angeles area.

Norwalk is a member of the Gateway Cities Council of Governments. Norwalk’s sister cities are Morelia in the Mexican state of Michoacán, and Hermosillo, in the Mexican state of Sonora.[7]

The area known as “Norwalk” was first home to the Shoshonean Native American tribe. They survived primarily on honey, an array of berries, acorns, sage, squirrels, rabbits and birds. Their huts were part of the Sejat Indian village.[8]

In the late 1760s, settlers and missions flourished under Spanish rule with the famous El Camino Real trail traversing the area. Manuel Nieto, a Spanish soldier, received a Spanish land grant (Rancho Los Nietos) in 1784 that included Norwalk.

After the Mexican–American War in 1848, the Rancho and mining days ended. Portions of the land were subdivided and made available for sale when California was admitted into the union of the United States. Word of this land development reached the Sproul Brothers in Oregon. They recalled the fertile land and huge sycamore trees they saw during an earlier visit to the Southern California area. In 1869, Atwood Sproul, on behalf of his brother, Gilbert, purchased 463 acres (1.87 km2) of land at $11 an acre ($2,700/km2) in an area known as Corazón de los Valles, or “Heart of the Valleys”.[9]

By 1873, railroads were being built in the area and the Sprouls deeded 23 acres (93,000 m2), stipulating a “passenger stop” clause in the deed. Three days after the Anaheim Branch Railroad crossed the “North-walk” for the first time, Gilbert Sproul surveyed a town site. In 1874, the name was recorded officially as Norwalk. While a majority of the Norwalk countryside remained undeveloped during the 1880s, the Norwalk Station allowed potential residents the opportunity to visit the “country” from across the nation.[10]

The families referred to as the “first families” of Norwalk (including the Sprouls, the Dewitts, the Settles, and the Orrs) settled in the area in the years before 1900. D.D. Johnston pioneered the first school system in Norwalk in 1880. Johnston was also responsible for the first real industry in town, a cheese factory, by furnishing Tom Lumbard with the money in 1882. Norwalk’s prosperity was evident in the 1890s with the construction of a number of fine homes that were located in the middle of orchards, farms and dairies. Headstones for these families can be found at Little Lake Cemetery, which was founded in 1843 on the border between Norwalk and Santa Fe Springs at Lakeland Road.

Reverse Mortgage Rates Norwalk 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

Norwalk 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 Norwalk 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 Norwalk 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 Norwalk 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.

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Reverse Mortgage Norwalk CA