As reverse mortgage brokers/lenders, the people here at Futura Financial are committed to the financial well-being of seniors in our area. We facilitate reverse mortgages for people in Covina, Fontana, Ontario, Pasadena, Pomona, and San Bernadino, CA. We have been providing financial guidance to people in our area for over 30 years You can be sure that you are working with a highly experienced expert if you decide to take action once you understand how a reverse mortgage works.
What exactly is a reverse mortgage? When you think about a mortgage, you invariably conjure images of a significant monthly bill that will arrive in your mailbox each month. This is the way that it is when you have a conventional home mortgage, but there is another type of mortgage called a reverse mortgage. As the name would indicate, things work in the reverse manner. With this type of mortgage, the mortgage company makes payments to you.
The reverse mortgage payments can be remitted to you in a number of different ways. You can receive equal monthly payments for a predetermined period of time. This is one option, but you could alternately choose to set up a line of credit. These would be payments that are not bound to any particular schedule. If you need to draw from your agreed-upon line of credit, you could do so at any time, and this method can provide you with a great deal of flexibility. You can also enjoy the best of both worlds and combine these two approaches. It would be possible to accept the agreed-upon, fixed monthly payment while you simultaneously have access to an additional line of credit that you can tap into if and when you choose to do so.
You worked hard throughout your life to build equity in your home, and you deserve the opportunity to enjoy the fruits of your labor. Social Security payouts are modest, so a reverse mortgage can provide supplemental income that you can use to live out your retirement dreams without significant financial limitations.
If you live in Covina, Fontana, Ontario, Pasadena, Pomona, or San Bernadino, CA we are the reverse mortgage brokers/lenders you can count on for clear communication and quality service. Give us a call at 888-225-7826 and we will be glad to answer your questions and arrange the next step if you decide that you would like to go forward.