Searching for the right source of retirement income to help you live out your retirement dreams? If you’re 62 or older and are looking to pay off your existing mortgage, supplement your savings and income, or need to cover unforeseen medical expenses, a HECM retirement line of credit may be an excellent solution making the best use of your home equity.
A HECM line of credit is a federally backed reverse mortgage insured by HUD, making it a unique tool, especially during a pandemic, or other crisis If you’re close to retirement, and struggling to catch up on savings that will allow you to lead a life of financial freedom, a reverse mortgage can allow you to retire and access liquidity from an existing asset, your home. If you’re struggling with existing debt, this type of financing can also allow you to pay off those debts, immediately improving your cash flow. An overlooked key feature of a reverse mortgage is the protection against unpredictability and changes in the housing market –the equity in your HECM line of credit is protected and will increase regardless of changes, up or down, in your home value.
There are over 18,000 residents in the city of Pasadena over 65 years of age who may be eligible for a reverse mortgage. The average home value in Pasadena sits at around 903k making it one of the most equity rich cities in the greater Los Angeles area – for those looking to make the most out of their retirement and pursue the dreams that financial freedom can afford, we encourage you to call SMPL Mortgage to find out you can best utilize your existing assets.
Our mission is to help potential homebuyers and current homeowners navigate the complicated world of mortgage financing and different types of mortgages. We believe in meeting our clients needs at any life stage because we believe in people and their potential making their dreams of financial freedom Humanly Possible. For an initial consultation contact our mortgage professionals HERE.