Address: 400 Corporate Pointe #300,
Culver City, CA 90230
Reverse mortgages are home loans for qualified homeowners above 62 years old who will continue to live in the property as a primary residence. The lender then provides some combination of monthly payments, a lump sum, a line of credit, or whatever combination of the above works best for the borrower. The main advantage of this type of mortgage is that no repayment is required through the lifetime of the borrower, until they move out, defect on the other obligations such as taxes or insurance, or when the specified period of the loan ends. The maximum value of the loan is also capped at the value of the home in most cases, so it is a safe loan to use in order to keep estates intact. In fact, a reverse mortgage is a non-recourse loan. This means you or your heirs can never owe more than the market value of the property.
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