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We offer Reverse Mortgages in California. A reverse mortgage is a type of loan that allows older homeowners to convert a portion of their home equity into cash. This type of loan is unique because the borrower does not have to make any payments on the loan as long as they continue to live in the home. Instead, the loan is paid back when the borrower sells the home or passes away.
Reverse mortgages are typically used by older California homeowners who need additional income to support their retirement or pay for unexpected expenses. The loan can provide a steady stream of income or a lump sum payment, depending on the borrower's needs. In this article, we will explain how reverse mortgages work, including the eligibility requirements, loan terms, and repayment options.
The Reverse Mortgage Process
Here's how our home loan process works:
The amount of equity required depends on the borrower's age, the value of the home, and the current interest rates. Typically, the older the borrower, the more equity they can access. For example, a 62-year-old borrower with a home valued at $300,000 and no outstanding mortgage may be able to borrow up to $150,000, while a 75-year-old borrower may be able to borrow up to $200,000.
A condominium must be FHA approved and able to receive an FHA spot approval. Click here to find out if your condo is eligible for a California Reverse Mortgage.
Reverse mortgages are available to Californians in several different types, including federally-insured Home Equity Conversion Mortgages (HECMs), proprietary reverse mortgages, and single-purpose reverse mortgages.
HECMs are the most common type of reverse mortgage and are insured by the Federal Housing Administration (FHA). These loans have certain requirements, such as mandatory counseling for the borrower and limits on the amount of fees that can be charged. Proprietary reverse mortgages are offered by private lenders and are not insured by FHA.
We're here to make the California reverse mortgage process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Reverse Mortgage Qualifier
We'll help you clearly see the differences between reverse mortgage options, allowing you to choose the right one for you.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
