Reverse Mortgage Company Serving Los Angeles California
Welcome to our site dedicated to exploring everything related to Reverse Mortgages in Los Angeles.
We operate as a 5-star rated reverse mortgage company catering to clients in Los Angeles and all of California. Our exclusive focus on reverse mortgages allows us to be true specialists in ways to explore and unlock home equity for older homeowners in Los Angeles. We take pride in our specialization, delivering personalized reverse mortgage solutions and our ability to patiently explain what can seem to many to be a complex topic. If you're in search of a knowledgeable expert in reverse mortgages then meet John Correll, CRMP. With over 25 years of experience originating mortgages, John holds the esteemed CRMP designation as a Certified Reverse Mortgage Professional, demonstrating his unwavering dedication to all aspects of reverse mortgages. John has been very successful in Los Angeles assisting clients with their reverse mortgage needs and would enjoy having a conversation with you. (888) 603-1550
Reverse Mortgages Are The Only Types of Loans We Do
Key Information for Los Angeles Homeowners Regarding Reverse Mortgages
In recent years, Los Angeles and all of California, have seen a significant increase in property values, which in turn has resulted in substantial potential home equity for homeowners who have owned their homes for a long time. Home equity by definition represents the difference between a home's value and any liens or mortgages owed on the home. Home equity has become a valuable asset, especially in the face of current inflation. A popular retirement strategy is to access a portion of this home equity through a reverse mortgage. If you're searching for an expert in the area of reverse mortgages, consider reaching out to John Correll. Unlike many large lenders with big call centers, we are locally situated in Southern California and offer personalized one-on-one service in Los Angeles to explore discussions about reverse mortgages. We know that reverse mortgages can often appear complex at first, however John is well-equipped to provide clear and easily understandable explanations and he can address your most challenging reverse mortgage questions so you get the answers you deserve to make a decision if a reverse mortgage is right for you.
Give John Correll, CRMP a call at (888) 603-1550
Discover What a Reverse Mortgage in Los Angeles or California Could Mean for You
Top Popular Reasons People Have Chosen a Reverse Mortgage in Los Angeles
Designed Specifically For Older Homeowners
Discover some of the common motivations behind securing a reverse mortgage for retirement:
- To eliminate mandatory monthly mortgage payments on a traditional mortgage*
- To increase financial flexibility
- To finance home renovations or repairs
- To cover medical or in-home care costs
- To purchase a new home or investment property
- To establish a trust fund
- To settle or consolidate outstanding debts
- To leave an early inheritance for children
- To create college funds for grandchildren
- To access funds without incurring capital gains taxes**
*A reverse mortgage has no required monthly mortgage payment like traditional mortgages do, however at least one borrower must continue to occupy the home as their primary residence and continue to pay ongoing property taxes, homeowners insurance bills plus home expenses such as hoa dues (if applicable) and home maintenance to keep the reverse mortgage in good standing.
** Not tax or financial planning advice. Capital gains taxes are only due upon a sale. A Reverse Mortgage is a loan, secured by a mortgage on your home, and does not require sale of the home.
Call to find out if you and your Los Angeles home qualify for a Reverse Mortgage
(888) 603-1550
Exploring Reverse Mortgage Choices in Los Angeles
If you're 55 or older and own a home in Los Angeles or anywhere in California, you may have choices when it comes to utilizing a reverse mortgage to access part of your home equity. Accurate Reverse Mortgage Corp. is a local Southern California company that specializes in originating reverse mortgages for senior homeowners throughout the state of California. Here is an overview of the main types of products we offer.
We are licensed to originate reverse mortgages not only in Los Angeles but the whole state of California and offer the above products statewide.
Los Angeles Reverse Mortgage
Consider if you had a financial tool which allowed access to a portion of your home equity wealth to help supplement your retirement plan. If you're 55 years of age or older, own your primary residence in Los Angeles or anywhere in California, and meet specific requirements, a reverse mortgage could turn this into a reality.
Designed to Provide Access to Equity While Living in Current Los Angeles or California Home
A Home Equity Conversion Mortgage, commonly known as a reverse mortgage, is a type of mortgage that enables homeowners to borrow against their a portion of their home's equity, similar to a conventional mortgage in Los Angeles. However, it comes with distinct features and benefits specific only to reverse mortgages.
Qualifications and Eligibility For a Reverse Mortgage in California
Similar to various other mortgage options, a reverse mortgage comes with specific eligibility requirements:
- Minimum Age: At least one borrower must be 55 or older (62 for a HECM).
- 1st Lien Position: The reverse mortgage must hold the primary mortgage lien position, either through the settlement of your existing mortgage into the reverse mortgage or if your home is entirely mortgage-free.
- Financial Assessment Review Credit and Income: During the underwriting process, the lender will evaluate your capacity to manage property taxes, insurance, maintenance costs, and your current financial obligations and past credit history. The process is flexible and tends to be easier to qualify for than a traditional mortgage is.
- Federal Debt: No delinquencies on federal debt.
- Owner Occupied Primary Residence: The property should serve as your primary residence, and at least one borrower must maintain residency. Prolonged nonmedical absences could potentially initiate repayment.
- Property Types Eligible: Owner Occupied Home. Single family, 2-4 unit homes occupied by the borrower, PUD (planned unit development) single family homes, some condos and some manufactured homes may qualify.
- Reverse Mortgage Counseling: Borrower needs to complete a counseling conversation session with a HUD-approved counselor to obtain a reverse mortgage. This can be done via phone or in person.
Ways to Access Funds With a Reverse Mortgage in Los Angeles
For borrowers that qualify, there are several ways to receive funds out of the reverse mortgage:
- Lump Sum Payment: Take the entire loan proceeds in one lump sum or draw a portion what's available at closing.
- Line of Credit: The funds are made available in a line of credit that borrower can draw from when needed.
- Monthly Payments: Regular monthly disbursements to borrower can be scheduled to supplement income.
- Term Payments: Payments to borrower are distributed over a set term, such as 10 or 20 years.
- Tenure Payments: Borrower receives monthly disbursements for as long as they live in the home and meets loan requirements.
- Set-Aside for Specific Purposes: Funds can be reserved for specific purposes, such as home repairs or ongoing property taxes and homeowners insurance bills. NOTE: this set aside must be established at time of closing and cannot be added later.
- Combination of Options: A combination of these methods can be customized to suit the borrowers financial needs and preferences.
NOTE: Not all methods to receive funds are available on all reverse mortgage product types. Jumbo or "proprietary" reverse mortgages may have limitations on options.
Types of Reverse Mortgages Available in Los Angeles
There are 3 primary types of reverse mortgages available:
Home Equity Conversion Mortgage (HECM)
- The Home Equity Conversion Mortgage (HECM) is the most prevalent form of reverse mortgage in the USA, insured by the Federal Housing Administration (FHA). To be eligible for a HECM, at least one borrower must be 62 years of age or older. The loan amount is calculated based on factors such as the borrower's age, the home's appraised value, current interest rates, and lending limits. These loans incorporate specific consumer safeguards and the security of FHA mortgage insurance.
Jumbo Proprietary Reverse Mortgages in Los Angeles and California
- Proprietary reverse mortgages, available through private lenders, cater to borrowers who might not meet HECM criteria or want more money than a HECM can offer. Tailored for higher-value homes, these reverse mortgages offer loans amounts up to $4 million (sometimes as high as $6 million.) While they offer increased flexibility in terms and payment choices, proprietary reverse mortgages typically entail higher interest rates. One bonus is these types of reverse mortgages are available to borrowers as young as 55.
Single Purpose Reverse Mortgages
- State or local government agencies and nonprofit organizations typically offer single-purpose reverse mortgages. These loans are designed to address specific needs, such as property tax payments or financing home repairs. Typically, this category of reverse mortgages imposes limitations on the utilization of the funds. They are primarily targeted at seniors with lower incomes and may include eligibility criteria based on income.
Loan Limits in Los Angeles For a Reverse Mortgage
The maximum loan amount that a borrower qualifies for in Los Angeles will depend on a few factors including the type of reverse mortgage they apply for. Other factors include the youngest borrowers age, the home's appraised value and current interest rates. The HECM (Home Equity Conversion Mortgage) offers some advantages but is limited in loan amount. Fortunately for Los Angeles homeowners there is a robust Jumbo Reverse Mortgage Market that works well for some higher valued properties.
2023 Lending Limits:
HECM - Home Equity Conversion Mortgage - 2024 national lending limit: $1,149,825. (this is not the actual loan amount - with a HECM the borrower is able to access a percentage of the maximum claim lending lending limit)
Jumbo Reverse Mortgage Lending Limit 2024: $4 million loan amount (exceptions as high as $6 million).
NOTE: Not all homeowners will qualify for a reverse mortgage and there are several factors that determine loan amount and qualifications. Best way to determine what you might qualify for is to give us a call at (888) 603-1550. We can provide a complimentary assessment and proposal quote which maps out all options.
Additional Articles for Los Angeles Homeowners Considering a Reverse Mortgage
Deepen Your Knowledge of California Reverse Mortgages with These Supplementary Reading Resources.
-
What are the steps involved in getting a reverse mortgage in Los Angeles?
-
How does the reverse mortgage line-of-credit work?
-
Options to supplement income in Los Angeles and California with reverse mortgage strategies
-
Strategies to lower monthly payments on debts in Los Angeles using a reverse mortgage
-
How do interest rates in California impact a reverse mortgage in Los Angeles?
-
Hiring a caregiver in Los Angeles - How can a reverse mortgage help?
Some Interesting Facts About Los Angeles California
Los Angeles is the largest city in California and the second largest city in America. Los Angeles, often abbreviated as L.A., is a sprawling urban center located on the west coast of the United States in Southern California and located in Los Angeles County. With a population of around 3.8 million per US census data, Los Angeles stands as a global epicenter for the entertainment industry as the home to Hollywood as its entertainment empire. The city offers a wide range of neighborhoods and famous things to do and see. The climate in LA is mild boasting the Mediterranean-style weather famous in Southern California. The attractions in LA are virtually endless but we will highlight a few here.
Nine Attractions and Places to Visit in Los Angeles, California
- The Broad: Explore contemporary art in downtown LA.
- Venice Beach: Enjoy the famous Venice Boardwalk and vibrant street scene.
- Dodger Stadium: Catch a baseball game and embrace LA's sports culture.
- LACMA: Discover one of the largest art museums in the western United States.
- Santa Monica Pier: Experience the beach, amusement park, and nightlife.
- Hollywood: Visit iconic spots like the Walk of Fame and the Hollywood Sign.
- Griffith Observatory: Learn astronomy and enjoy city views.
- Universal Studios Hollywood: Immerse in movie magic at this theme park.
- Getty Center: Admire art collections, stunning architecture, and gardens.
The Real Estate Boom in Los Angeles Offers an Opportunity for Reverse Mortgages to Unlock Home Equity
The recent in surge in home prices in Los Angeles provides a unique opportunity for many older homeowners that would like to tap into part of their home equity with a reverse mortgage. For those that qualify, these versatile loans can be utilized for a range of purposes, from home improvements and reducing monthly expenses to funding caregiver services, financing vacations, or bolstering one's retirement security. They can serve as a tool to unlock part of a home's wealth and convert it into useable funds that can help pay for things today which have gotten more expensive due to inflation.
For residents of Los Angeles and California, there are a number of types of reverse mortgages available today, including "proprietary" or "jumbo" options that offer larger loan amounts, up to $4 million. At Accurate Reverse Mortgage, John Correll specializes in all types of reverse mortgage and offers the convenience of personalized consultations.
If you're interested in learning more about reverse mortgages, don't hesitate to contact John and his team at (888) 603-1550.
Interested in exploring how a reverse mortgage might support your retirement goals?
John Correll, CRMP
Certified Reverse Mortgage Professional
(888) 603-1550
Serving Los Angeles and the entire state of California
Let's have a conversation about ways to put home equity to work
Choosing the Right Reverse Mortgage Lender or Broker in California
This article reviews some of the key factors in selecting a reverse mortgage lender or broker in California. This guide simplifies the process, explaining what to consider when choosing a company to work with on a reverse mortgage from the loan officer, lender vs broker and what to look out for and avoid. Written from the prospective of a CRMP which stands for Certified Reverse Mortgage Professional.
Inflation in California and the Role of Reverse Mortgages
This article will explore ways a Reverse Mortgage in California may help combat the rising costs associated with inflation. Presented by John Correll, CRMP certified reverse mortgage professional in California.
Getting a Reverse Mortgage in California? Things to Consider
presented by John Correll, CRMP – Certified Reverse Mortgage Professional in California Are You Considering a Reverse Mortgage in California? Essential Things to Keep in Mind For many older residents in California, considering a reverse mortgage can be a smart financial move. With the state’s high living costs, funding retirement can be tough. A…
Using a Reverse Mortgage Line of Credit for In-Home Care in California: A Simple Guide and Strategy
Using a Reverse Mortgage Line of Credit to Cover Homecare or Long-Term Care Expenses in San Diego and California Introduction As we age, planning for in-home care becomes more important, especially in a state like California where everything is expensive. A strategy that has worked well for many older homeowners is a reverse mortgage line of credit.…
Reverse Mortgage Resources in Los Angeles
- California Department of Real Estate Guide to Reverse Mortgages
- County of Los Angeles Department Brochure on Reverse Mortgages
- NRMLA Reverse Mortgage Self-Evaluation Checklist
- National Council on Aging - Use Your Home To Stay At Home Guidebook on Reverse Mortgages
- HUD HECM Resource Page For Consumers
