Finding the correct source of income for your retirement can help you achieve your dream lifestyle after a fruitful career. If you’re 62 or older and you’re looking to live out these retirement goals or pay off an existing mortgage, add to your savings, or cover emergency medical expenses, a HECM retirement line of credit may be the perfect product for you and a powerful tool heading into retirement. A HECM line of credit is federally backed and insured by HUD; it can help you make the best use of your home equity.
If you’re nearing retirement but are struggling to find the difference in savings that could help you lead a life of financial freedom, a HECM line of credit is a reverse mortgage that can allow you to access liquidity from your current assets thus helping to speed up your retirement timeline. If you’re feeling the burden of existing debt, a reverse mortgage will also allow you to pay off any existing debts, immediately improving your cash flow. One of the most powerful features of a reverse mortgage, especially in times of market instability, is protecting against unpredictability in values. Regardless of the value of your home, the equity that a HECM line of credit offers is federally protected and immune from market shifts.
California has a population of almost 40 million, with around 5.5 million residents over 65 years of age. That means that over 14.8% of California’s population may be eligible to qualify for a HECM reverse mortgage. The average home value within the State of California averages at around $609,757 making it a state with some of the highest property equities in the entire United States. For those who are looking for the right retirement tool to help them afford and pursue their dream of financial freedom, we encourage you to call SMPL Mortgage to find out how you can utilize your assets and tap into your existing equity.
Our mission is to help potential homebuyers and current homeowners navigate the complicated world of mortgage financing and the different types of mortgages available. We believe in meeting our clients’ needs at any life stage because we believe in people and their potential to make their dreams of financial freedom Humanly Possible. For a first consultation contact our mortgage professionals HERE.