Should you consider a Reverse Mortgage in Westlake Village an option?

One thing about purchasing a property is that you are looking to live in a better place, some place you can call home! Another thing about property investment is when you have it in mind to settle in one place and see yourself retiring there.

There are not as many options of pension plans out there anymore. With a number of investment portfolios going down, and alarming increase in the prices of food, energy and health care, “Reverse Mortgage” option has become common choice for people who plan to buy their homes for lifelong secure stay.

If you are living in California and are planning to apply for a reverse mortgage in Westlake Village, then you have come upon the right place. Planatek Financial is the most trustworthy organization that provides affordable relocation solutions. Planatek mortgage experts assess your current and future financial circumstance and bring to you the adequate loan options and mortgage payment types that are most beneficial to you.

So, let’s introduce you to the concept of Reverse Mortgage:-

If you are not familiar with this term, then here is the official definition of Reverse Mortgage-

A Reverse Mortgage is a loan that allows seniors to draw upon equity in their homes either through a lump sum payment or monthly installments. This option is called “Reverse Mortgage” because the money goes straight to the homeowner not into paying for the home.

To make it understandable, we put it in simpler terms; this is how a reverse mortgage works. Instead of you paying a mortgage company, the mortgage company pays you. You have the liberty to use the money to settle your current mortgage payment or to cover your retirement income over a lifetime.
Since this is a loan, the payment is not taxable. However, no credit or income requirements are there unlike other loan options. You also don’t have to pay back the loan as long as you live in your purchased home.

Reverse Mortgage is a kind of lifetime security that secures you a safe living.

If your home is your primary residence and you own equity in your home, then you can easily apply for it.

Contrary to what everyone thinks a reverse mortgage is quite expensive. Adding up the mortgage insurance, origination fee, title insurance, monthly service fees and real estate appraisal a reverse mortgage can get expensive.

We understand that financial subjects are complex and too difficult to understand and deal with. That’s why Planatek makes it all easy for you. We help you plan your mortgages according to your financial standings and keep you from failing.