Los Angeles Reverse Mortgages
 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.
FHA Is Not the Only Game in Town (Los Angeles)
Given that Los Angeles county has some of the highest average home values in the nation, it is likely that many more non-HUD/FHA reverse mortgages were closed during that time period. Why is that? These Los Angeles reverse mortgages that are offered by FutureSafe Financial 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 $362,790 in determining the amount of money they will lend to the homeowner. These are low limits for a reverse mortgage in the Los Angeles area and often do not make sense when the home value is well over $500,000. Since there are hundreds of thousands of homes that are worth more in Los Angeles, a reverse mortgage with 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 reverse mortgages that were obtained in Los Angeles County. And it's anyone's guess as to how many non-FHA reverse mortgages in Los Angeles were closed. But given how many that FutureSafe Financial closes in the area, it seems reasonable to assume that at least an additional 25%, or 5200 Los Angeles reverse mortgages (non-FHA), would be added on if we were able to track 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 60 should look into. Contact FutureSafe Financial to talk about your 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.
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Call Toll Free:
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to speak with an Advisor
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