Reverse Mortgage Los Angeles, CA
Ensuring that you can meet your financial needs is crucial as you enter your retirement years. One of the best ways to do this is by getting a reverse mortgage in Los Angeles, CA. With Purpose Funding, you will be able to learn about reverse mortgage in Los Angeles, CA and how it can be advantageous to you.
How Does Reverse Mortgage in Los Angeles, CA Work?
A reverse mortgage in Los Angeles, CA is different from traditional mortgages. This type of loan is available to homeowners aged 62 and above who have substantial home equity. Those who are interested in getting a reverse mortgage in Los Angeles, CA can get the money after their house has been pawned.
When it comes to reverse mortgage in Los Angeles, CA, federal regulations are implemented so that the amount of the loan will not exceed the house value. Once a borrower’s application has been approved, funds can be received as a fixed monthly payment, a lump sum, or a line of credit.
People who opt for a reverse mortgage in Los Angeles, CA are required to pay when the loan has reached maturity. Other instances where payment becomes necessary are if the mortgagor dies, sells their property, or no longer resides in their primary residence.
The Benefits of Reverse Mortgage in Los Angeles, CA
People who are retiring or are already in retirement need to consider what a reverse mortgage in Los Angeles, CA can do for them. There are many reasons why a reverse mortgage in Los Angeles, CA can be beneficial. Some of these include the following:
- A Reverse Mortgage in Los Angeles, CA Is Flexible
Borrowers often utilize a reverse mortgage in Los Angeles, CA for the consolidation of debt and payment of loans. People who get a reverse mortgage in Los Angeles, CA also use their funds for daily living expenses. However, the flexibility of a reverse mortgage in Los Angeles, CA does not end there.
Some retirees use the money that they receive to renovate their houses. Focusing on home improvements lets senior citizens have the opportunity to revamp the residence where they choose to live out for the rest of their lives. With a reverse mortgage in Los Angeles, CA, borrowers are free to fulfill their financial needs.
- You Can Still Stay in Your Home When You Choose a Reverse Mortgage in Los Angeles, CA
Contrary to popular belief, you can reside in your pawned house when you get a reverse mortgage in Los Angeles, CA. You can live in your residence for as long as possible without having to make monthly mortgage payments. With a reverse mortgage in Los Angeles, CA, all you have to do is meet the terms of the loan and pay the homeowner’s insurance, as well as property taxes.
- It Is Possible to Delay the Usage of Your Retirement Savings Through Reverse Mortgage in Los Angeles, CA
Retirees often rely on their social security benefits for their financial needs. When you start collecting replacement income at age 62, you prevent your retirement funds from growing. As such, reverse mortgage in Los Angeles, CA becomes a viable option. With a reverse mortgage in Los Angeles, CA, you can delay taking social security earnings and let them increase through the interest.
By opting for a reverse mortgage in Los Angeles, CA, you can either keep on working or strategize with your spouse so that you will have more income to use. With a reverse mortgage in Los Angeles, CA, you can tap into your social security at a later time.
Your Trusted Providers of Reverse Mortgage in Los Angeles, CA
Are you interested in applying for a reverse mortgage in Los Angeles, CA? Let our team at Purpose Funding be of help. We do our best to meet our clients’ financial needs. If you want to learn more about reverse mortgage in Los Angeles, CA, contact us today!
Making Home Ownership Within Arm’s Reach
Purpose Funding is a premium mortgage brokerage serving both the California and Texas regions. No matter what our client’s credit history is, we have a house loan that caters to their specific lifestyle. Whether you’re looking to apply for home equity or are thinking of refinancing, our team of reliable and skilled mortgage experts will walk you throughout the entire process.
At Purpose Funding, we try to put ourselves in the situation of our clients. We take the time to ask them questions that would allow us to learn more about their specific needs. From there, we customize a plan that would best match their financial aspirations.
Our Various Loan Offerings
We provide a variety of loan options that will allow you to make better financial decisions. Our clients will be able to receive benefits without having to worry about closing costs or any additional charges. Here are some of the plans that we specialize in:
- Cash Out Refinance
Maximize the benefits of your equity through cash out refinancing. Whether it’s for a car, credit card, or student loan, this program allows you to obtain lower interest rates. Moreover, you’ll have a chance of increasing your home value through renovations or investing in a property to up your income.
- Payment Reduction Finance
Find out how much you can save with our payment reduction refinance. Through this plan, you’ll be able to save an average of $750 on your monthly payments. From combining first and second loans to switching from adjustable to fixed, we provide solutions that will work best for you.
- VA Loan
America’s heroes deserve only the best even when it comes to financing their properties. Our VA Loan enables veterans to acquire their own homes without having to worry about costly down payments. They will also be able to cash out up to a 100% of their equity or lower payments without the need of appraisals or income qualifications.
- Reverse Mortgage
Secure your future with our reverse mortgage loan. This program allows homeowners to fund their retirement through life-long monthly payments. With this plan, our clients will be able to receive tax-free cash returns and invest in things that they love. Whether it’s for a passion project or a dream business, the options are endless.
- FHA Home Loan
Nothing can beat the feeling of living in a place that you can call your own. Our FHA home loan allows you to invest in a property with minimal to no down payments. On top of that, this plan also gives you the option to cash out for debt consolidation and home improvements, or lower payments without the need for appraisals or income qualifications.
- Home Purchase Loan
Through our home purchase loan, we make owning a house easier and more accessible. We follow a systematic procedure that will enable you to sign ownership to your dream property as soon as possible. We will ensure that you are included in every step of the process. Our agents will do their best in helping you find a home that you can call your own.
Get in Touch With Our Team
At Purpose Funding, we specialize in home refinancing, reverse mortgages, and VA loans among others. We are committed to providing our clients with unbeatable service at the highest degree of integrity. Whether you’re interested in applying for a fixed or adjustable rate mortgage, debt consolidation, refinancing, etc., we have the right plan for you.
Our highly-experienced agents will take the time to assess your personal needs before customizing the most suitable plan for you. To help you get started, you can also request a quote from one of our experts. Contact us at (844) 427-3863 today or visit us at any of our four locations.