If you have significant equity in your home and are looking for a way to increase your cash flow, a Los Angeles reverse mortgage may be the answer. A reverse mortgage allows you to tap into your home equity and convert a portion of it into usable cash. You then have extra money to pay your bills and finance other expenses.
Benefits of a Reverse Mortgage in Los Angeles
If you are approved for a Los Angeles reverse mortgage, you can enjoy the following benefits:
- Choose how you want to receive the money from your reverse mortgage. You can opt for a lump sum, monthly payments, regular advancements, or a combination.
- The money you receive through the reverse mortgage is not taxable. The same may not be true of your 401(k).
- You can use the extra money to finance improvements to your home, pay educational costs for children, take care of monthly bills, or even pay off another loan or line of credit. Once you receive the income from your reverse mortgage, it is in the form of cash, so you can use it in any way you wish. This can greatly enhance your financial freedom.
- A reverse mortgage may allow you to hold off on drawing from social security, which could allow you to wait until your benefits will be higher. The reverse mortgage may also prevent you from being penalized for early withdrawal from your retirement accounts.
We Can Help You Apply for a Reverse Mortgage in Los Angeles Today
Is a reverse mortgage right for you? There are pros and cons to weigh before you make your decision. We can help you out by taking an in-depth look at your finances and advising you as to your options.
While reverse mortgages are not suitable in every situation, they can greatly increase cash flow and quality of life for many seniors. Our network of lenders includes a range of accredited reverse mortgage companies in Los Angeles. This allows us to offer you the best rates and terms on your reverse mortgage. Please give us a call at 310-478-5005 to discuss your needs. We can answer any questions you have and help you apply for a reverse mortgage with a low fees and costs.