About: Los Angeles Reverse Mortgages

According to Wikipedia, Los Angeles County can be described as follows:  Los Angeles County is a county in California and is the most populous county in the United States. Figures from the U.S. Census Bureau give an estimated 2006 population of 9,948,081 residents, while the California State government's population bureau lists a January 1, 2008 estimate of 10,363,850. The county seatis the City of Los Angeles. The county is home to 88 incorporated cities and many unincorporated areas. The coastal portion of the county is somewhat urbanized, though there is a large expanse of lesser populated desert inland in the Santa Clarita Valley, and especially in the Antelope Valley which encompasses the northeastern parts of the county and adjacent eastern Kern County, lying just north of Los Angeles County. In between the large desert portions of the county ― which make up around 40 percent of its land area ― and the urbanized central and southern portions sits the San Gabriel Mountains containing Angeles National Forest. All of southern Los Angeles County, north to about the center of the county, is heavily urbanized.

This county holds most of the principal cities encompassing the Greater Los Angeles Area, and is the most important of the five counties that make up the area. As of 2004, the county's population is larger than the individual populations of 42 states considered separately (and on that basis is more populous than the aggregate of the 11 least populous states) and is home to over a quarter of all California residents. According to the United States Conference of Mayors, if Los Angeles County were a nation, it would boast a GDP among the twenty largest countries in the world.
The HUD Home Ownership Center (HOC) is located in Los Angeles and they have endorsed over 7,000 Home Equity Conversion Mortgages (HECM’s) making this consistently the third or fourth highest volume of HUD reverse mortgages in the nation.  Even with this large number of HUD HECM’s, Los Angeles County is also home to some extremely high dollar cities including Beverly Hills, Malibu, many beach communities and much more.  Many of the borrowers with these larger and more expensive properties have opted for jumbo or proprietary reverse mortgage programs which are not included in the HUD numbers.

Los Angeles Reverse Mortgage Limits

Congress has passed a bill, H.R. 3221 which has raised the limits and will accommodate more of these higher balance properties.   The old lending limit in Los Angeles County for HUD was $362,790 and it is being replaced with the new nation-wide limit of $417,000, which means that more Los Angeles County residents will be able to utilize the HUD HECM program than ever before.  There was a question as to whether or not the Bill was going to raise the limit to $625,500, which would have helped even more homeowners with higher value properties, but HUD has posted the $417,000 limit on their website now and it is official.  For those who were waiting for the higher limits, there is no reason to wait any longer.

A reverse mortgage uses on actuarial tables much the same as insurance products and borrowers receive more money they older they are.  Therefore, a 62 year old borrower just meeting the age requirement will receive much less cash than a 78 year old borrower with the same $500,000 home.  When borrowers do not take all their funds at the beginning of the loan and choose to use the line of credit option, the line of credit grows annually on the unused portion as the borrower would be eligible for a higher loan amount at the increased age.  Some borrowers have asked whether or not they should wait for a few years to apply until they are older to take advantage of higher principal limits for older borrowers.  Only you and your trusted financial advisors know your situation but there are other factors which go into the determination of how much money you will receive on a reverse mortgage which also include interest rates and property values.  If your property value declines, you may be eligible for less money.  If the interest rates rise from their current near-historic low levels, then you may also be eligible for less money.  The other factor that changes on which we have already seen several changes this year alone is the margin.  The margin is added to the index to determine the final rate you pay and margins have risen this year as uncertainty has grown in the mortgage secondary market.  When the margin rises, your ultimate rate increases and you will receive less money.

The only constant is your age…you do know how old you are and you do know when your next birthday is.  No one can predict the future with interest rates or property values.  If the values rise considerably, you can refinance a reverse mortgage and the HUD insurance does not need to be paid a second time…you would just pay the difference, if any, from your old premium amount to the new premium based on any increase in the principal lending limit in your area.  The Senior Specialists at All Reverse Mortgage Company are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily.  If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!

Your Los Angeles Reverse Mortgage Specialists

We specialize in Los Angeles Reverse Mortgages for seniors. A reverse mortgage enables Los Angeles senior homeowners to sustain their retirement while living in the home and community they love. Contact us for reverse mortgage information and our no obligation reverse mortgage informational package. We provide reverse mortgages for seniors throughout Los Angeles, California and surrounding area. All Reverse Mortgage Company, Los Angeles CA.  

We often offer much Lower Rates & Fees than your local Credit Union or Bank which may amount to thousands of dollars of retained equity through the life of your Reverse Mortgage

We offer more programs than any other company including several Government Insured & Private Jumbo Programs

Our Senior Lending Specialists are some of the most dedicated and talented professionals within our industry assuring you a truly no-hassle & timely close

If you or a family member would like an informational package or an appointment with one of our local specialists please call Toll Free (888) 801-2762 Ext 1 or complete out online questionairre