A reverse mortgage loan provides people aged 62 and older with an opportunity to borrow against their home equity for cash flow.
Home Equity
Home Value
Mortgage Debt
With a reverse mortgage, homeowners can gain financial independence and improve their quality of life by paying off debt/medical bills and affording their monthly living expenses.
How Does a Reverse Mortgage Work in California?
Reverse Mortgage Benefits
- No monthly payments
- Tax-free cash/growing line of credit
- No prepayment penalty
- Insured by the U.S. Government
Reverse Mortgage Drawbacks
- May not qualify for need-based programs (i.e. SSI, MediCal/Medicaid)
- May lower or eliminate your home equity
Request a Free Reverse Mortgage Quote
*Required
**This does not deem qualification. Programs, rates, and fees subject to change.
Reverse Mortgage Requirements in California
- Homeowner: The borrower on the home’s title must be at least 62 years old.
- Residence: The borrower must live in the home as your primary residence.
- Home Type: Single-family homes, two to four-unit owner-occupied homes, FHA-approved condos, townhomes, and manufactured homes (that meet HUD requirements) qualify for reverse mortgage loans.
- Counseling: You need to attend independent counseling that is HUD-approved.
- Financial: You must continue paying insurance, property taxes, and home maintenance when needed.
See What You are Eligible For
If you believe you meet the eligibility requirements above, applying for a reverse mortgage loan may be a smart option to gain financial independence and comfortably afford your monthly expenses. Request a free reverse mortgage quote and get a quick response!