Are you dreaming of your ideal retirement but struggling to make a solid retirement plan? For many individuals entering retirement, developing a continuous stream of income as part of a retirement plan is the most difficult hurdle. If you’re 62 or older and you’re looking for a reliable way to tap into your existing equity, a reverse mortgage is one of the most powerful tools one can utilize. A HECM retirement line of credit can allow you to pay off an existing mortgage, add to your savings going into retirement, and act as an invaluable source of capital going into retirement. If unforeseen medical bills arise, a reverse mortgage can be a powerful tool for paying down debt and living a life of financial freedom after a long career.
What exactly is a HECM retirement line of credit? Essentially it is a federally-backed reverse mortgage that can be an invaluable tool in your retirement tool kit. Since the reverse mortgage is backed by HUD it’s a safe and protected way to access the liquidity stored in your existing assets. In times when markets are shifting and housing prices may be unpredictable, a HECM line of credit is federally secured for maximum safety.
Altadena is a scenic neighborhood directly north of Pasadena – founded with the advent of Eaton Canyon Observatory and the site of the present-day Jet Propulsion Laboratory, the area has grown to become a highly desirable locale. With a population density of 42,777 as of 2010, nearly 15% of the population is over the age of 65 and could be eligible for a HECM line of credit. The average value of a home in Altadena currently sits at almost $1 million with a predicted rise in the coming year. For those looking to live out their dream retirement, now is the perfect time to tap into your existing assets.
Our main goal is to help potential homebuyers and long-time homeowners navigate the complex world of mortgage financing and gain a full understanding of every option available on the market. Our aim is to meet our clients’ needs at any life stage. We believe in people and their potential, as well as making their dreams of financial security and freedom Humanly Possible. For an initial consultation please contact our mortgage experts HERE.