Financial planning. The value of your home will move up or down regardless of the mortgage you have on it, if any. Why not rebalance some equity into other investments? See our example case studies for more options, or ask us, but one family pulled money out of their primary home to buy a 2nd home for cash near their grandchildren. No equity was lost – they just shifted it from one house to two, and enjoy a better quality of life to be near family.
Cash is King. It’s always better to have liquid funds available and not need it, than the other way around.
Clear out medical or other debts, and improve your quality of life. One couple had several thousands of dollars in dental work they’d put on a credit card, and were steadily paying down via social security, but that meant not visiting their children. With a reverse mortgage you’ll still leave the home to your kids if that’s what you choose, they’ll just have a small mortgage on it they can refinance or pay off.
Stay out of a Nursing Home. By planning ahead with retrofitting and in-home care when you’re further along and need some help, a Garden Grove Reverse Mortgage can help you by freeing up cash for this.
Giving to family while you’re around to enjoy the transfer. A lot of well meaning families plan to leave their home to heirs – but by spreading this out over a number of years, you may be able to reduce the tax implications by staying below the annual gift-tax threshold, and you’re also able to have a hand in directing those funds toward grandkid’s college funds, travel together and more.
Next step: Schedule a free consultation with us about your Garden Grove Reverse Mortgage and get some options. No pressure – just numbers to consider.
More about our city…
Garden Grove, is a city centrally located in northern Orange County, California, United States. As of 2004, the city population was 170,000 people. California State Route 22, also known as the Garden Grove Freeway, passes through the city from east to west. Garden Grove is home to a substantial Vietnamese American population, forming the northern edge of Orange County’s Little Saigon, and also to a large Korean American population centered along Garden Grove Boulevard west of Brookhurst Street. The city is known outside the Southern California area for being the home of Robert H. Schuller’s Crystal Cathedral, from which religious broadcasts are made.
Garden Grove was founded by Alonzo Cook in 1874. A school district and Methodist church were organized that year. It remained a small rural crossroads until the arrival of the railroad in 1905. The rail connection helped the town prosper with crops of oranges, walnuts, chili peppers andย laterย strawberries. In 1933, much of the town’s central business district was destroyed by the Long Beach earthquake, and one person was killed. The post-World War II boom led to rapid development, and Garden Grove was incorporated as a city in 1956 with about 44,000 residents.
By 1960, population had grown to 85,000; by 1970 it was 120,000. In the late Seventies and Eighties a significant Asian population (primarily Vietnamese and Korean) began to locate in the area. In recent years, Harbor Boulevard has become a booming entertainment and tourism area, served by nine high-rise hotels. Well-known Garden Grove residents include actor Steve Martin, adventurer Steve Fossett and baseball star Lenny Dysktra. Garden Grove also lends its name to a song by the famous Southern California band Sublime, on their eponymous album.
