Los Angeles Reverse Mortgages
Call Us: (323) 657-5921
 Reverse mortgages in Los Angeles are an increasingly popular way to supplement retirement income, to pay off debt (including mortgage debt) or take out lump sums for home improvements. From September 2001 to January 2008, there were 20,786 Los Angeles reverse mortgages endorsed by the Department of Housing and Urban Development (HUD). FutureSafe Financial serves all of the Los Angeles area including (but not limited to) Burbank, Glendale, San Fernando, Pasadena, Santa Monica, Alhambra, El Monte, Long Beach, Torrance, Norwalk, Anaheim, Buena Park, Covina, Pomona, and Whittier.
For comprehensive reverse mortgage information, please see the links on the
right. For a Free Discounted Quote, see below.
FHA Is Not the Only Game in
Los Angeles
Los Angeles county has some of the highest average home values in the nation,
making both FHA and non-HUD / FHA programs popular among seniors living
here. Why is that? Non-FHA programs, also known a Jumbo Reverse
Mortgage recognize the whole value of a home because they are not limited by FHA guidelines.
FHA Reverse Mortgage Guidelines
The guidelines say that the FHA reverse mortgage (which is the Home Equity Conversion Mortgage or HECM
for short) cannot use any value of the home that exceeds $417,000 in determining
the amount of money that is lent to the homeowner. These may be low limits for the Los Angeles area and
may not make sense when the home value is over $800,000. Since there are
thousands of homes that are worth more in Los Angeles, a Jumbo Reverse Mortgage that has different guidelines
- specifically higher loan limits - is often used.
Los Angeles Reverse Mortgage Loan Volume
While HUD reports the number of reverse mortgages in Los Angeles that they
endorsed for the last seven years, the figures do not account for all the
non-FHA loans that were obtained in Los Angeles County. And it's anyone's guess
as to how many of these in Los Angeles were
closed. But given the large amount that FutureSafe Financial provides in the area, it seems reasonable to assume that at least an additional 25%, or 5200 (non-FHA), would be added on
to the true statistics.
Meaning Behind the Figures
What does all of this mean? That reverse mortgages in Los Angeles have become a popular, main-stream financial planning tool that everyone over age 62 should look into. Contact FutureSafe Financial to talk about
a reverse mortgage in Los Angeles county or any of the surrounding areas.
Los Angeles Information
As of 2006, there were 9,948,081 people living in Los Angeles County. Of those people, 1,014,704 are seniors, over 65 years of age. The median household income in Los Angeles County, as of 2004, was $43,518.
Call Us: (323) 657-5921 to speak with an Advisor.
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Call:
(323) 657-5921
to speak with an Advisor
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