The Changing Market Of Mortgages And Reverse Mortgages

Los Angeles/Orange County, CA – Los Angeles and Orange County is a great area for people of all walks of life. While the city may be the stomping ground of the youth, Los Angeles and Orange County can be a great place to retire. For those residents considering retirement in California, reverse mortgages are something that definitely warrants consideration. For those that would rather downsize or sell their home and move out of the area, MyHouseRE helps make those goals a reality for Los Angeles and Orange County residents.

A mortgage is a loan used to finance the purchase of a home, and is likely the largest debt a person will ever need to take on. A mortgage is made of several parts: the collateral used to secure the loan, the principal and interest payments, taxes, and insurance. A mortgage is something that a homeowner will need to pay back to the debtor over time. By contrast, a reverse mortgage, when a person qualifies for one, will mean the lenders pay the holder, AKA the homeowner. Those in California over the age of 62, who own their homes, can qualify for a reverse mortgage.

In 1961, reverse mortgages became popular with those who were close to retiring and wished to stay in their respective homes. Shortly thereafter, the government insured them through the Federal Housing Administration. Although Mortgages and Reverse Mortgages can sound complex, they’re something that anyone who owns their home may want to consider, particularly those retired or about to retire who wish to remain in their current home after doing so. While a reverse mortgage isn’t terribly complicated, applying for one can be.

“Reverse mortgages can be a lifesaver when it comes to retired folks keeping their homes,” remarks Jay Cordina, a spokesman for the real estate group. “But in order to qualify for a reverse mortgage, residents need to find out if they meet the qualifications. Some of those are age, and verifying that you’re going to pay the taxes on the money, but the biggest qualifying factor is equity. Equity is where your home is worth more than is owed into it. That’s why those who own their homes free and clear stand to benefit the most from a reverse mortgage. But our website has some great lists about the qualifying factors in Orange County and Los Angeles.”

MyHouseRE helps Los Angeles and Orange County residents understand what qualifications they need to meet in order to qualify for a reverse mortgage. Although the company primarily focuses on helping local residents find and purchase a home that’s right for them, or sell their current one, they want to be sure that their clients understand all of their options, particularly when it comes to mortgages and reverse mortgages.

To learn more about MyHouseRE, or to find your next home in the Los Angeles and Orange County area, visit the company on their website today.

Media Contact
Company Name: MyHouseRE
Contact Person: Rob
Phone: (562) 653-4504
Address:4401 Atlantic Avenue #200
City: Los Angeles/Orange County
State: CA
Country: United States