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What is a California reverse mortgage?

A loan insured by Federal Housing Administration (FHA) is the most popular type of reverse mortgage. Also known as a HECM, it is also known as a FHA-insured loan. This allows you to access your equity and convert it into cash. A reverse mortgage is a loan that allows borrowers to keep their homes as long as they comply with the loan terms. It also provides funds that will supplement their retirement income.

Reverse Mortgage CA

Who Is a California Reverse Mortgage Good For?

More than 1 million Americans have used reverse mortgage loans to access their home equity and find more security for retirement. You can use the loan in many ways. Many of these are helping seniors achieve their financial goals and enjoy a better retirement.

The Pragmatic Planner


To supplement your income and to maintain your standard living in retirement, convert your equity from your home into monthly payments.

The Maximizer


Are you a homeowner who bought your home at a low price or have your home's values increased over time? You can supplement your income with the lump sum or monthly payments of a reverse mortgage loan, or the proceeds of a refinance loan without having to tap into your investment portfolio.

The Homebody


Why would you ever want to leave your home? Reduce your monthly mortgage payment, and finance renovations to ensure your home meets your needs. *

The New Homebuyer


Use the following Reverse Purchase To buy a house that meets all your retirement needs, without having to pay a monthly mortgage. *

The Safety Net Seeker


You can establish a standing-by reverse mortgage credit line that will grow over time to help you cover unexpected expenses.

The Eager Resident


Are you ready to get rid of the daily grind? You can get cash and eliminate your mortgage payments so that you can enjoy the next stage of your life. *

How a California reverse mortgage loan works

Borrowers can access their home equity with a traditional reverse mortgage loan. They don't have to pay interest or principal. This is a California reverse mortgage. The lender pays the borrower, not the borrower, which happens with traditional loans. The loan will be repaid if the borrower dies or the spouse becomes eligible to repay it.

  • The home remains the property of the borrower, and title is retained. *
  • Your age, property value, interest rate, and other factors will affect the amount of money you can borrow. Equity is more accessible the older you get.
  • The borrower must pay the homeowner's insurance and property taxes, and keep the house in good condition.
  • A non-recourse loan is a loan that does not require repayment. The borrower will never owe more on the home than it is worth. The Federal Housing Administration will pay the difference if the loan balance exceeds home value.
  • There are many types of reverse mortgages, and funds can be disbursed in different ways.

Who qualifies for a California reverse mortgage loan?

California Reverse mortgages are traditional loans that were created in 1989 to assist older homeowners in staying in their homes. To qualify for a government-insured loan there are some requirements that borrowers must meet.

  • You must be at minimum 62 years of age.
  • Your home must be yours.
  • Your home should be your main residence.

Safeguards and Features

Over the years, the California HECM reverse mortgage product has been enhanced to better suit the needs of seniors. There are many safeguards that protect the HECM reverse mortgage product today to make sure it continues to be available for consumers for many years to come.

  • You will need to complete California reverse mortgage counseling through an independent counseling agency.
  • To ensure that you can repay the loan's financial obligations, you will need to undergo a financial evaluation. This includes the ability pay your homeowners insurance and property taxes.
  • Your spouse can be considered an eligible non-borrowing spouse if they are younger than 62. They may remain in your home regardless of whether you pass away or leave. As long as they fulfill all loan obligations. *

*Your home cannot be lost under normal circumstances, as long as you keep up your payments for your homeowner's insurance, property taxes, maintenance costs, and other loan terms.

Call Jason Whigham Your California California Reverse Mortgage (California HECM Loan) Specialist Call Now: 916-413-3967



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