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Reverse Mortgages in Lakewood
Lakewood's senior homeowners often sit on substantial equity built over decades in stable neighborhoods. Many bought in the 1960s-1980s when Lakewood represented affordable suburban living.
Reverse mortgages let you tap that equity without selling or making monthly payments. The loan gets repaid when you sell, move out permanently, or pass away.
You need to be at least 62 years old and own your home outright or have a low remaining mortgage balance. The property must be your primary residence.
HUD requires a financial assessment to verify you can cover property taxes, insurance, and maintenance. Credit issues won't necessarily disqualify you, but we need to show you can keep the home.
Most reverse mortgages are HECMs (Home Equity Conversion Mortgages) backed by FHA. A handful of lenders offer proprietary jumbo reverse mortgages for high-value homes above HECM limits.
We work with specialized reverse mortgage lenders who understand the product's nuances. Not every wholesale lender in our network handles these loans—this requires specific expertise.
I see Lakewood homeowners use reverse mortgages to delay Social Security, cover healthcare costs, or supplement retirement income. Some use proceeds to pay off existing mortgages and eliminate monthly payments.
The product isn't cheap—expect origination fees, mortgage insurance, and higher interest rates than forward mortgages. But for seniors who want to age in place without payment stress, it solves a real problem.
HELOCs and home equity loans both access equity, but they require monthly payments and income verification. Reverse mortgages flip the model—the lender pays you, and the balance grows over time.
If you plan to move within five years, a HELOC or selling outright usually makes more financial sense. Reverse mortgages work when you're committed to staying put.
Lakewood's older housing stock means many seniors own modest-sized homes free and clear. Property values have appreciated steadily, giving longtime residents meaningful equity to access.
Los Angeles County property taxes continue rising even in retirement. A reverse mortgage can free up cash flow to cover those increases without forcing a sale or relocation.
No. You retain ownership and the title stays in your name. The loan becomes due when you permanently move out, sell, or pass away.
No. You can never owe more than the home's value. FHA insurance protects you from owing a balance that exceeds what the property sells for.
Your heirs can pay off the loan and keep the home, or sell it and keep any remaining equity. They're never liable for more than the home's worth.
It depends on your age, home value, and current interest rates. Older borrowers and higher home values typically qualify for larger loan amounts.
No. The IRS treats reverse mortgage proceeds as loan advances, not income. They don't affect Social Security or Medicare benefits either.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.