Reverse Mortgages Los Angeles California (CA) and North Hollywood

The Home Equity Conversion Mortgage (HECM) program gives the most choices in how you can get your cash from a reverse mortgage. You can take all of your loan as:

WASHINGTON — A study released by The National Council on the Aging (NCOA) shows that reverse mortgages can be used by over 13 million Americans to pay for long-term care expenses at home, allowing many to remain independent and in their homes longer.

“The study shows that reverse mortgages have significant potential to help many seniors pay for help at home or to make home modifications.

What is a Reverse Mortgage?

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the current equity in his or her home into a lump sum cash payout, monthly payments, or a credit line.

The Home Equity Conversion Mortgage (HECM) program can send you a reverse mortgage loan advance every month. But the amount of this cash payment to you doesn’t change over time, so it buys less in the future as prices increase with inflation.

A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways: