Reverse Mortgages Los Angeles California (CA) and North Hollywood

“Comparing every loan’s shortcoming – real or perceived – to a “subprime” product needs to stop.”

Here’s a great article I found in the Wall Street Journal that talks about paying off your current mortgage at retirement age.

In many cases we have seniors here in Los Angeles, California who are using Reverse Mortgages to pay off current loans.

A reverse mortgage could pay off your existing mortgage and eliminate the monthly mortgage payments you are currently paying. This could free up some income for you to play with each month.

Washington, D.C. (July 31, 2009) — In response to increased pressure on the income and savings of older adults, the National Council on Aging (NCOA) is offering free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network. RMCS counselors will waive the usual $125 fee to help older homeowners understand how these loans, along with community programs and other options, could help them to remain in their homes. Consumers age 62+ can schedule a free reverse mortgage counseling session through September 30, 2009 by calling 1-800-510-0301.

Reverse mortgage loans offer an opportunity to take a part of the equity out, but still to continue living in an old flat. And as long as you own your flat or house and live there, you do not have to pay the loan back. The flat remains in your name.