Reverse Mortgage Torrance 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 Torrance CA 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 Torrance 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.

Torrance 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?

Geographic info for Torrance CA

Torrance is a coastal city in the Los Angeles metropolitan area located in southwestern Los Angeles County, California, United States. The city is part of what is known as the South Bay region of the metropolitan area. A small section of the city, 1.5 miles (2.4 km), abuts the Pacific Ocean. Torrance has a moderate year-round climate with average rainfall of 12 inches (300 mm) per year.^[8] Torrance was incorporated in 1921, and at the 2020 census had a population of 147,067 residents.^[6] Torrance has a beachfront and 30 parks located around the city.^[8] It is also the birthplace of the American Youth Soccer Organization (AYSO).

Torrance is a coastal community in southwestern Los Angeles County sharing the climate and geographical features common to the Greater Los Angeles area. Its boundaries are: Redondo Beach Boulevard and the cities of Lawndale and Gardena to the north; Western Avenue and the Harbor Gateway neighborhood of Los Angeles to the east; the Palos Verdes Hills with the cities of Lomita, Rolling Hills Estates and Palos Verdes Estates on the south; and the Pacific Ocean and the city of Redondo Beach to the west.

The western portion of Torrance is in ZIP Code 90277 which is a city of Redondo Beach postal address.^[21] It is about 20 miles (32 km) southwest of Downtown Los Angeles.^[22]

Torrance Beach lies between Redondo Beach and Malaga Cove on Santa Monica Bay.^[23] The southernmost stretch of Torrance Beach, on a cove at the northern end of the Palos Verdes peninsula, is known to locals as Rat Beach (Right After Torrance).

An urban wetland, the Madrona Marsh is a nature preserve on land once set for oil production and saved from development, with restoration projects enhancing the vital habitat for birds, wildlife, and native plants.^[24]^[25]

Climate

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Torrance has a warm-summer Mediterranean climate (Köppen: Csb), bordering with a semi-arid climate (Bsk). The rainy season is November through March, as shown in the adjacent table.^[26] Summers tend to be warm but dry, despite Torrance’s proximity to the coast.^[27] The Sunset Western Garden Book places most of Torrance in Zone 22, part of a basin area in Greater Los Angeles where cold air can pool—hence the surprisingly chilly record low temperatures for each calendar month at the airport, which has risk of frost over six months. Milder microclimates are found upslope of the airport to the south (Zone 23—thermal belt) and in the western blocks bordering the beach communities and Palos Verdes Estates (Zone 24—marine influence dominant).^[28]

Reverse mortgage rates Torrance CA

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.

Torrance CA 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 Torrance CA

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!

Jumbo reverse mortgage in Torrance CA

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 Torrance CA

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.