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 Long Beach 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 Long Beach Reverse Mortgage and get some options. No pressure – just numbers to consider.
More about our city…
Long Beachย is a city located in southern Los Angeles County, California, USA, on the Pacific coast. It borders Orange County on its southeast edge. It is about 20 miles south of downtown Los Angeles.
Downtown Long Beach (as seen to the right) has been Showcasing Long Beach as a First Class City within California. The R.M.S.ย Queen Maryย has been located in Long Beach since her retirement in 1967 and now serves as a hotel, convention center, and tourist attraction. The Aquarium of the Pacific, a world-class research facility, is a popular tourist destination. Long Beach also has the largest municipally owned marina in the country with 3,400 slips. Downtown Long Beach also offers cruises to Catalina Island, restaurant and club nightlife, promenade development, and festival entertainment.
As of the 2000 census, the city population was 461,522. By 2006 its population is estimated to have increased to 490,166. Based upon the USA Today’s Diversity Index, Long Beach was the most ethnically diverse large city in the United States in 2000. For example, Long Beach has the second-largest population of Cambodians outside of Asia (after Paris, France), and the area along Anaheim St. is sometimes called “Little Phnom Penh”. There are also sizable populations of African Americans, Mexicans, Salvadorans and other Central Americans, Filipino Americans, Vietnamese Americans and other Asians. There is also a diverse gay and lesbian population in the city.
The median income for a household in the city was $37,270, and the median income for a family was $40,002. Males had a median income of $36,807 versus $31,975 for females. The per capita income for the city was $19,040. About 19.3% of families and 22.8% of the population were below the poverty line, including 32.7% of those under age 18 and 11.0% of those age 65 or over.
