Reverse Mortgage

Options for
Homeowners 62+

Access the equity in your home while continuing to live in it. Danny Damian helps homeowners in Baldwin Park and surrounding California communities understand whether a reverse mortgage may fit their retirement goals.

What is a Reverse Mortgage?

A reverse mortgage is a type of home equity loan designed for homeowners aged 62 or older that allows them to convert a portion of their home equity into cash. Unlike a traditional mortgage where you make monthly payments to a lender, a reverse mortgage pays you.

The loan only becomes due when the last surviving borrower sells the home, moves out permanently, or passes away. In the meantime, you retain title to the home and remain responsible for property taxes, homeowners insurance, and ongoing home maintenance.

For more detailed consumer information, you can explore resources available at the Consumer Financial Protection Bureau (CFPB) or the HUD website.

EVALUATING YOUR OPTIONS

Who a reverse mortgage may help

While not the right solution for every situation, a reverse mortgage can offer meaningful financial relief and flexibility for certain homeowners. It may be worth considering if you find yourself relating to any of the following scenarios:

Seeking to age in place: You want to stay in your current home long-term but need funds for modifications or in-home care.
Managing fixed income: You are looking for a way to supplement your monthly retirement income to handle rising living costs.
Eliminating mortgage payments: You want to pay off a traditional mortgage to free up cash flow (property taxes and insurance must still be paid).
Handling unexpected expenses: You need a financial buffer for healthcare bills or significant home repairs.

PROCESS

How it Works

01

Initial Consultation

Discuss your financial goals with an expert to determine if a reverse mortgage aligns with your retirement plans.

02

Independent Counseling

Complete a required, objective session with a HUD-approved counselor to ensure you understand all aspects of the loan.

03

Appraisal & Underwriting

We determine your home's current market value and efficiently finalize the required paperwork for your loan approval.

04

Closing & Disbursement

Sign the final documents and begin receiving your tax-free proceeds exactly how you choose to structure them.

PLEASE REVIEW CAREFULLY

Important Things to Know

While a reverse mortgage can provide valuable financial flexibility, it is not the right choice for every homeowner. Understanding your ongoing obligations and how the loan concludes is essential before moving forward.

Homeowner Responsibilities: You must continue paying property taxes, homeowners insurance, and basic home maintenance.
Loan Repayment Triggers: The loan typically becomes due when the last surviving borrower passes away, sells the home, or permanently moves out.
Impact to Heirs: Your heirs will need to repay the loan balance or 95% of the home’s appraised value, whichever is less, to keep the property.
Mandatory Counseling: All applicants must complete a counseling session with an independent, HUD-approved agency to ensure full understanding of the terms.

Loan Programs

Welcome to Lakeside Realty & Home Loans, your trusted partner for buying, selling, and refinancing with confidence.

With over 26 years of experience, we are committed to helping our clients navigate every step of the real estate and home loan process with professionalism, honesty, and care. Whether you are purchasing your first home, selling your current property, refinancing your mortgage, or exploring your loan options, our team is here to provide the guidance and support you need.

At Lakeside Realty and Home Loans, we work with an extensive network of lenders, allowing us to shop for competitive rates and loan programs that fit your unique situation. Our goal is to help you find the best available option, secure some of the lowest rates around, and make the process as smooth and stress-free as possible.

From start to finish, we take the time to understand your goals, answer your questions, and help you make informed decisions. We are proud to serve our clients with dependable service, strong industry knowledge, and a commitment to helping you move forward with confidence.

Reverse Mortgage

Take advantage of your home equity.

Conventional Loans

Better rates, terms, and/or lower fees than other types of loans.

Refinance Loans

Find out how Refinancing can lower your monthly payments.

FHA Loans

Best for first-time home buyers with a lower down payment.

YOUR LOCAL EXPERT

Work With a Local Mortgage Professional

When it comes to reverse mortgages, having a trusted expert by your side makes all the difference. We believe in face-to-face guidance over call centers, providing you with honest, personalized advice tailored to your unique retirement goals.

Meet Danny

With years of experience helping local homeowners safely navigate their retirement options, Danny provides relationship-first, transparent mortgage planning. No pressure, no generic advice—just local expertise you can rely on.

Get In Touch

Ready to explore your options? Reach out directly to get started.

Call (626) 600-4696

14607 Ramona Boulevard Suite C

Baldwin Park, CA 91706

Frequently Asked Questions

Find clear, objective answers to common questions regarding how reverse mortgages work, homeownership retention, and what it means for your heirs.

What exactly is a reverse mortgage?

A reverse mortgage is a specialized loan designed for homeowners aged 62 and older. It allows you to convert a portion of your home's equity into cash without having to sell the home, give up title, or make monthly mortgage payments. The loan is typically repaid when the last borrower leaves the home.

Will the bank own my home?

No. Just like a traditional mortgage, you retain the title and ownership of your home. You remain responsible for paying property taxes, homeowner's insurance, and keeping the property in good repair according to FHA guidelines.

What happens to my heirs?

When the loan becomes due, your heirs have options. They can choose to repay the loan balance and keep the home, or sell the home to satisfy the debt. Because reverse mortgages are non-recourse loans, your heirs will never owe more than the home is worth at the time of repayment.

Are there restrictions on how I use the money?

There are no restrictions on how you use the proceeds from a reverse mortgage. Common uses include covering daily living expenses, paying off existing debts, funding home modifications, or establishing a financial safety net for the future.

Could this affect my government benefits?

Reverse mortgage proceeds generally do not affect regular Social Security or Medicare benefits. However, because the proceeds are considered loan advances, they may impact needs-based programs such as Medicaid or Supplemental Security Income (SSI). We strongly advise consulting with a qualified financial advisor to discuss your specific situation.

Ready to explore your options?

Reach out to our local experts today. We’re here to answer your questions and help you decide if a reverse mortgage is the right fit for your retirement.