Getting a reverse mortgage for Los Angeles residents can sometimes be a tough, confusing process. Thankfully, Trinity Reverse Mortgage, your local California Reverse Mortgage Lender, is here to help you through the steps to qualifying for your Reverse Mortgage, and achieve the peace of mind that you are looking for.
A Reverse Mortgage helps Seniors age 62 and over to gain monthly income, and does this through a couple of options that you get to choose when your loan is originated. The important thing to remember is that through a HECM (Home Equity Conversion Mortgage), you actually don’t have to make a payment each month on your mortgage, your lender pays you to live in the home!
You can choose to receive money up front from your lender in a large lump sum, similar to a cash-out refinance, but without making a higher monthly payment to your lender, a monthly income from your lender for as long as you live in the home, an equity line, from which you can pull monies as you see fit and as the need arises, or any combination of the above!
Here at Trinity Reverse Mortgage, we help Los Angeles area homeowners come to an informed decision as to which option is right for them.
Interestingly enough, more and more Senior homeowners are opting for a Reverse Mortgage over a conventional mortgage in the Los Angeles area. This could be due to the fact that conventional mortgage’s are not always Government Insured, or more likely because Reverse Mortgage Lenders that loan on FHA backed HECM loans must answer to and are regulated by the Federal Housing Administration.
With a A rating with the Better Business Bureau and countless Seniors helped over the years, it’s no wonder why Seniors choose Trinity Reverse Mortgage for all of their Reverse Mortgage needs!
For more information on Reverse Mortgages, such as how a Reverse Mortgage can help you, the steps to qualifying, and how to get started, please take a look around our website! We pride ourselves on offering relevant, up to date information, and are experts on California and Los Angeles real estate. We sincerely hope to be hearing from you soon!