Reverse Mortgages in Long Beach CA
We are a Southern California Reverse Mortgage Company Serving Long Beach, CA. As specialists in HECM and Jumbo Reverse Mortgage loans, we are a trusted source of information and education on securing a reverse mortgage in retirement. John Correll is a Certified Reverse Mortgage Professional (CRMP) and has over 25 years mortgage lending experience that he can put to work for you.
Unlocking Home Equity in Long Beach California with Reverse Mortgage Loans
Common Reasons People Have Taken Out a Reverse Mortgage in Long Beach and California
Here is a list of potential benefits or uses of a reverse mortgage
- Boost Retirement Cashflow: Individuals may use funds to supplement income for their retirement years.
- Social Security Benefit Delay: Postpone timing on starting their Social Security benefits, potentially resulting in a higher payout.
- Access to Home Equity: Unlock their home's equity while still residing in it.
- Elimination of Monthly Mortgage Payments: Through a reverse mortgage, individuals can pay off their existing mortgage by refinancing the balance into the reverse mortgage, ceasing the need for monthly payments. NOTE: borrower(s) will still have to pay their own property taxes, homeowners insurance, hoa dues (if any) and home maintenance costs while they continue to live in their home during the life of the loan.
- Home Improvement Funding: Direct reverse mortgage funds towards essential home upgrades.
- Aging in Place Support: In-home caregiving services can be financed into the reverse mortgage, allowing individuals to remain comfortable in their home.
- Investment Diversification: Diversify their investment portfolio by accessing home equity and coordinating with their financial advisor as part of their financial plan. NOTE: please consult your own advisor - not financial advice.
- Covering Medical Expenses: Manage medical bills and long-term care costs with a reverse mortgage.
- Establishment of a Line of Credit: Create a financial safety net with a reverse mortgage line of credit.
Not all borrowers will qualify for a reverse mortgage. To determine eligibility give us a call or request a quote.
How would you use your reverse mortgage on your home in Long Beach or California?
Retirement Reinvented: The Power of Reverse Mortgages in Long Beach and California
Long Beach, California homeowners have witnessed a substantial increase in their property values in recent years. If you've been a homeowner in California for an extended period, it's likely that you've accumulated significant home equity. In the face of rising inflation affecting various aspects of our lives, many older homeowners are now considering reverse mortgages as a means to tap into some of the wealth of their Long Beach residences.
If you're in search of a true specialist in reverse mortgage strategies, we invite you to get in touch with John Correll who is a seasoned professional in the mortgage industry, with over 25 years of experience. John has dedicated his career to reverse mortgages and has achieved success in serving the Long Beach and California communities.
Long Beach Reverse Mortgage Loans
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John Correll, CRMP Certified Reverse Mortgage Professional in California
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Types of Reverse Mortgage Loan Products in Long Beach and California
For borrowers aged 55 or older in Long Beach or anywhere in California, there are a number of reverse mortgage loan types we offer both in Long Beach and across the whole state of California.
The loan choices listed above are offered both in Long Beach and statewide across California.
Long Beach Reverse Mortgages
Whether you own a home in Long Beach, California, or anywhere else in the state, and you're looking for a strategic way to enhance your retirement, a reverse mortgage has worked as a solution for many older homeowners. Exploring this option might make sense - and knowledge is power.
Frequently Asked Reverse Mortgage Questions
What is minimum age to get a reverse mortgage in Long Beach and California?
The minimum age to be a borrower on a HECM reverse mortgage is 62. For a jumbo or "proprietary" reverse mortgage the borrower must be 55 or older.
What are the reverse mortgage loan limits in Long Beach CA?
Right now, the current lending limit for a HECM is $1,149,825. How this works - for borrowers that qualify they are able to access a percentage of the lending limit which is computed based on current value of home, the youngest borrowers age, current interest rate and type of reverse mortgage they apply for.
The maximum loan amounts for a Jumbo or "Proprietary" Reverse Mortgage is a $4 million loan amount. (this can potentially offer a much higher loan amount that a HECM can offer for clients with higher valued homes.)
Does the house have to be paid off in full to get a reverse mortgage?
No. The home does not need to be paid off in full and can have a traditional mortgage which would need to be refinanced into the reverse mortgage at closing. However, to qualify the borrower will need to have "substantial" equity in the home. The best way to know how large a loan you can get is to request a reverse mortgage quote.
Are there any additional unique counseling requirements in Long Beach and California?
Yes, California does have some additional requirements. All borrowers in the United States who want to get a reverse mortgage are required to complete a reverse mortgage counseling session conversation with a HUD approved housing counselor (can by done by phone if desired). What is unique in California is no services can be ordered for 7 days after counseling (this means no services like appraisal etc can be ordered until after this CA waiting period). The loan officer or lender will guide the borrower on this.
Does the bank own the house if I get a reverse mortgage on my Long Beach or California home?
No, the borrower's name (or trust) remain on title after closing and the borrower retains full ownership. Just like with any mortgage, the lender places a lien on the home to secure the loan they give the borrower.
What is the downside to a reverse mortgage?
Potential downsides of getting a reverse mortgage include the requirement borrower must continue to live in the home during the life of the loan as well as the fact that the loan is also a negative amortization loan which means because no monthly payments are made each month - the finance charges will be added to the loan balance which will grow larger over time. Other potential downsides can involve the impact on heirs, closing costs and risk borrower cannot maintain the expenses on the home such as property taxes, homeowners insurance and ongoing maintenance costs.
What types of homes are eligible for a reverse mortgage in Long Beach, CA?
The home must be the primary residence of the borrower(s) meaning it is owner occupied. Homes that could qualify include Single Family Homes, 2-4 Units Properties that borrower lives in, most PUDs (planned unit developments), some condos and some manufactured homes that meet certain requirements.
Four interesting reasons to consider a reverse mortgage in Long Beach, CA
- Relief from Monthly Mortgage Payments*: Reverse mortgage borrowers are able to say farewell to the burden of monthly mortgage payments. A reverse mortgage allows the borrower to enjoy their retirement without having to make monthly payments yet are able to access funds from the reverse mortgage to use during retirement as they wish. *Please note: borrowers are still responsible for ongoing home expenses such as property taxes, homeowner's insurance, HOA dues (if applicable), and maintenance costs while they reside in the home as their primary residence.
- Access Funds With Flexible Disbursement Options: Borrower can choose from a range of ways to take their reverse mortgage proceeds, including a lump sum, regular monthly payments, or a line of credit. These options allow the borrower to create a custom tailored plan to align with their individual objectives and preferences.
- Unlock Home Equity: Reverse mortgage borrower who qualify can access part of the equity they've built in their home and use it as a valuable financial resource for various purposes, from home improvements to travel adventures.
- Greater Financial Security: A reverse mortgage can act like a safety net for the borrowers finances, giving them peace of mind during retirement. It can help maintain their Long Beach and California lifestyle and confidently manage unexpected expenses by providing extra funds.
With over 25 years mortgage lending experience, John Correll is very knowledgeable in the area of reverse mortgages.
John Correll, CRMP
Certified Reverse Mortgage Professional
(888) 603-1550
Specializing in Reverse Mortgage Across California and throughout Long Beach
Get to Know Long Beach, California: Including the Potential for Reverse Mortgages
Long Beach, California, is a coastal city located in Los Angeles County. Long Beach is the 7th most populated city in California with a population of around 451,000 per US Census data. Known for its beautiful coastline, including the famous Belmont Shore, and a bustling waterfront area. Long Beach is a major city that offers a incredible weather and a blend of relaxation and excitement. With its mild climate, lively arts scene, and a host of outdoor activities, Long Beach is a welcoming destination for residents and visitors alike who want to enjoy the Southern California lifestyle.
Seven interesting places and attractions in Long Beach:
- El Dorado Nature Center: Escape to a serene natural oasis within the city, offering wildlife, nature trails, and peaceful landscapes.
- Shoreline Village: Enjoy a leisurely walk along the waterfront, featuring shops, restaurants, and a charming carousel.
- Long Beach Museum of Art: Immerse yourself in a world of culture with diverse artworks and breathtaking ocean views.
- The Pike Outlets: Explore a shopping and entertainment hub boasting a variety of retail stores and dining options.
- The Queen Mary: Step aboard this historic ocean liner, now a hotel and museum, to discover its opulent past and intriguing legends.
- Naples Island: Stroll through a picturesque neighborhood graced with canals, bridges, and waterfront homes, perfect for gondola rides or walks.
- Aquarium of the Pacific: Dive into the wonders of marine life in the Pacific Ocean through interactive exhibits and mesmerizing underwater displays.
Long Beach Real Estate Market Trends and the Opportunity Created with Reverse Mortgages
In Long Beach, if you're an older homeowner looking to access some of your home's value without selling or moving, a reverse mortgage might be a good fit. The strong real estate market has opened a unique opportunity for many. These special loans are designed for older homeowners, and if you qualify, could allow you to tap into part of your home equity while still living in your house. You can use the money for various needs, like covering bills or making your retirement more enjoyable.
John Correll, an expert at Accurate Reverse Mortgage, is here to help. If you want to know more about how a reverse mortgage might work for you or explore your options, please call us at (888) 603-1550. John Correll and his team are ready to provide the information and guidance you need to make an informed decision.
Reverse Mortgage Company Serving Long Beach, CA
Additional Reverse Mortgage Resources Available for Long Beach Older Homeowners
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Use Your Home To Stay At Home Guidebook on Reverse Mortgages
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HUD HECM Consumer Resource Document
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HUD Counseling Handbook
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Guide to Reverse Mortgages from State of California Dept of Real Estate
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Self-Evaluation Checklist - NRMLA
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County of Los Angeles Consumer and Business Affairs - Book on Reverse Mortgages
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Reversemortgage.org
