In this video, we explore an option for senior homeowners in the Los Angeles South Bay and Beach Cities who have a lot of equity in their current home, but who may want to downsize to a smaller home in the area, or move elsewhere.
The HECM loan is an option that allows a senior (62+) homeowner to sell their current home, make a downpayment of 50% on the new home, and keep the remaining 50% of their previous equity to invest or use as they wish – all while never needing to make a mortgage payment on their new home, or needing to qualify for a new mortgage based on income.
