San Diego Reverse Mortgage Market Poised For Growth
San Diego, with its idyllic coastline, laid back lifestyle and mild climate attracts many current and future retirees. Legacy Reverse Mortgage predicts the number of retirees utilizing the reverse mortgage program to continue to grow.
Online, October 16, 2013 (Newswire.com) - San Diego, with its idyllic coastline, laid back lifestyle and mild climate attracts many current and future retirees. "For retirees in San Diego, looking to enhance their retirement, a reverse mortgage can help," says Todd Ausherman, COO for Legacy Reverse Mortgage, a San Diego reverse mortgage provider. "Cash is king, especially if you are retired or planning to retire. What better solution, then a reverse mortgage, for baby boomers and other retirees looking to fund their retirement on a fixed income?"
Reverse mortgages allow San Diego residents, as well as all Americans over the age of 62, to convert their home's equity into tax-free cash. Those nearing retirement or no longer working, should learn what financial tools are available, in order to fund a well-deserved retirement. There are a number of options available under the HECM program including: setting up a line of credit, receiving a lump sum payment, receiving a set amount monthly for life, or any combination of the three.
In addition, a reverse mortgage can be used to purchase a home in San Diego, allowing you to finance the home without ever having to make a monthly mortgage payment. "Let's face it; San Diego isn't the cheapest place to live. A mortgage payment should not be hampering your quality of life," explains Ausherman. "If you're looking to move to San Diego but are concerned about home affordability, a reverse mortgage can help with that! Even if you don't need money now, but believe you may need access to capital in, say, 20 years, a reverse mortgage can help with that too!"
Considering the current number of reverse mortgage borrowers in San Diego, Legacy Reverse Mortgage predicts the number of retirees utilizing the reverse mortgage program to continue to grow. "As word continues to get out, we expect to see more people in the San Diego area using reverse mortgage as a financial tool," says Ausherman. "Honestly, there is no reason for all who qualify to not at least consider this option. I think people may be pleasantly surprised by what they discover."