Reverse Mortgage Long Beach 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 Long Beach 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 Long Beach

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.

Long Beach 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?

Long Beach is a coastal city in southeastern Los Angeles County, California, United States. It is the 44th-most populous city in the United States, with a population of 451,307 as of 2022.[11] A charter city,[3] Long Beach is the 7th-most populous city in California, the 2nd-most populous city in Los Angeles County, and the largest city in California that is not a county seat.

Incorporated in 1897, Long Beach lies in Southern California, in the southern part of Los Angeles County.[12] Long Beach is approximately 20 miles (32 km) south of downtown Los Angeles, and is part of the Gateway Cities region. The Port of Long Beach is the second busiest container port in the United States and is among the world’s largest shipping ports.[13] The city is over an oilfield with minor wells both directly beneath the city as well as offshore.[14]

The city is known for its waterfront attractions, including the permanently docked RMS Queen Mary and the Aquarium of the Pacific. Long Beach also hosts the Grand Prix of Long Beach, an IndyCar race and the Long Beach Pride Festival and Parade. California State University, Long Beach, one of the largest universities in California by enrollment, is within the city.

Reverse mortgage rates Long Beach

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.

Long Beach 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 Long Beach

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!

smart ways to use your reverse mortgage in california

Jumbo reverse mortgage in Long Beach

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 Long Beach

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 Long Beach California Zip Codes