Historically, home values in Los Angeles, California have been significantly higher than the national average. Using data pulled September 30, 2018, Zillow shows the median home value in Los Angeles at $679,200 and the median home value in the U.S at $275,000.1 Home values are not the only thing that is above average in Los Angeles. The city’s cost of living is also considerably higher than...

The Federal Housing Administration (FHA) requires all reverse mortgage applicants to complete a counseling session with a reverse mortgage counselor approved by the Department of Housing and Urban Development (HUD). The goal of reverse mortgage counseling is to make sure that each borrower has a complete understanding of the loan product before they decide to get a reverse mortgage. What is...

Many senior homeowners choose to use a reverse mortgage as part of their retirement plan. It is a popular financial tool to supplement income, consolidate debt, or provide a safety net for other purposes.  However, reverse mortgages aren’t the right solution for everyone.  It is important to understand your options and consider various alternatives to a reverse mortgage loan before you make a...

Reverse mortgage borrowers usually spend a few months researching on their own before speaking with a lender. After receiving a quote from a licensed loan advisor, they often take some time looking over their personalized information and weighing the pros and cons of a reverse mortgage before deciding to move forward. Once a homeowner applies for the loan, the process typically takes 30-45 days...

A reverse mortgage can increase your cash flow and allow you to improve your financial security by helping you extend the life of your retirement savings. Using the proceeds from a reverse mortgage to pay off your existing mortgage and consolidate other debt can also relieve you from monetary pressures and allow you to take control of your financial future. When considering if a reverse mortgage...