La Jolla Real Estate - Oceanfront Homes and Condos

There are many good reasons for considering a reverse mortgage on your Oceanfront La Jolla Home. 

This option is often viewed as a solution to help fund retirement needs since it enables La Jolla  Home Owners to withdrawal part of the equity in their home, converting it to cash while allowing them to remain living in their home as long as they chose without having to give up title on their home. 

The reverse mortgage option is only available to qualified homeowners over the age of 62.  To qualify, senior Oceanfront La Jolla Real Estate homeowners must have significant equity in their home and the home must be the primary residence.

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The amount of money received for the reverse mortgage is determined by different factors such as age, the home's value and location, and current interest rates.  Homeowners looking to apply for a reverse mortgage are required by law to complete a forty-five minute counseling session with a HUD approved counseling agency. 

There are different payment plan options for the reverse mortgage on your Oceanfront La Jolla Home.  Senior homeowners can choose to receive the money in a single lump sum, as regular monthly payments for either a set term or for as long as they live in the house, as a line of credit, or a combination of any of these options. 

There are some disadvantages to consider as well.  Reverse mortgages may have tax consequences, they could affect eligibility for assistance under Federal and State programs, and they may have an impact on the estate and heirs of the homeowner.

For more any information on any Oceanfront La Jolla Homes for Sale, contact:

Maxine & Marti Gellens
1299 Prospect Street,
Suite 303
La Jolla, CA 92037
Tel: 858-551-6630