Reverse mortgage loans allow homeowners aged 62+ to access a portion of their home’s equity without having to make monthly mortgage payments. The borrower only needs to take care of property charges, like insurance and taxes, and upkeep.
How Does a Reverse Mortgage Work?
Reverse mortgages are a great option for seniors in Ventura who want to stay in their homes, but also want or need additional cash flow. The proceeds from a reverse mortgage can be used for any purpose, including home improvements, medical expenses or to have more fun in retirement.
Reverse mortgages are available to homeowners age 62 and older who own their home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse mortgage loan.
What Can a Reverse Mortgage Loan Offer You?
Reverse mortgages offer many advantages. The items below are only some such benefits.
Meet Retirement Cash Flow Needs
A reverse mortgage can be a useful option for homeowners who want to supplement their retirement cash flow. By accessing the equity in their home, they can receive a number of different payout options.
Hedge Your Portfolio
Reverse mortgages can provide a hedge against market downturns. If your investment portfolio experiences a significant loss, you can use the funds from your reverse mortgage to cover expenses instead of selling off investments at a loss.*
Realize Home Equity Gains
Home equity recently hit all-time highs, yet many people don’t reap the rewards of gains in the housing market until they sell their home. With a reverse mortgage, you can stay in your home and benefit from its appreciation, especially if you’re in a market with premier real estate like Santa Barbara, California.
Estate Planning
A reverse mortgage can be used as part of an estate planning strategy to help preserve other assets for heirs. By using the equity in their home, homeowners can avoid selling other investments or assets to cover expenses.*
Long-term Care
A reverse mortgage can be used to help pay for long-term medical care.
Home Repairs or Modifications
A reverse mortgage can provide homeowners with the funds they need to make home repairs or modifications for aging in place, such as installing a wheelchair ramp or adding a bathroom.
Learn More About Reverse Mortgages Loans in Ventura, California
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*This advertisement does not constitute financial advice. Please consult a financial advisor regarding your specific situation.