California Reverse Mortgage Programs
Frequently Asked Questions | The Reverse Mortgage Process
How a Reverse Mortgage Works
A reverse mortgage allows older homeowners to tap into their equity without the requirement of monthly payments.
The amount available is based on age, the value of the home or maximum claim amount and current interest rate. A sum of money is provided in cash, a line of credit to draw from or a monthly income. The loan is due when the last surviving borrower moves, sells the home or passes away. Then the entire loan balance is due. The loan balance includes the amounts advanced, fees and interest charges that have accrued over the life of the loan. Since the home remains in the homeowner's name they or their estate benefits from the appreciation.
Let Your Home Work For You!
We Have a Wide Variety of Reverse Mortgage Programs Available.
Since each borrower is unique, we will help explain the programs available, advise the borrower of the best option to fit their needs and then direct them to an independent counselor.Counseling is required for all reverse mortgage loans and a counseling certificate of completion must be submitted prior to signing the final loan application.
This is a protection to the borrowers, ensuring they are fully informed and making the right decision based on their personal circumstances.View our list of reverse mortgage counselors for contact information.
Discover the peace of mind that comes from financial independence. We are available to answer all of your questions and provide detailed facts and figures for your review and consideration.
Give us a call 1 (800) 489-0986, request reverse mortgage program information , or click the links below for information on available programs.
Home Equity Conversion Mortgage (HECM)
The Home Equity Conversion Mortgage (HECM) is the oldest and most popular reverse mortgage program, accounting for over 90 percent of the total market. Available since 1989 to homeowners 62 or older, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development.
There are two HECM programs available - the HECM 1.75 and the HECM Fixed
This program has been temporarily discontinued - please call us on
1-800-489-0986 for more details.
The Reverse Select jumbo program has been temporarily discontinued - please call us on 1-800-489-0986 for more details.
The HECM Fixed Rate reverse mortgage is suprisingly low, call for the current rate. The HECM is not a Jumbo plan and the home value is limited to the HUD maximum claim amount. Fixed rate programs require cash draws at closing with no line of credit or monthly income option.
View current rate
This variable rate reverse mortgage is tied to the 1 month LIBOR index with two margin options, 3.5% and 3.25%. As with all Jumbo reverse mortgages there is no maximum lending limit. Origination fee is 2% of the principal limit and outside closing costs are charged and may be added to the loan balance.
This program has been temporarily discontinued - please call us on
1-800-489-0986 for more details.
This program has been temporarily discontinued - please call us on
1-800-489-0986 for more details.
This program has been temporarily discontinued - please call us on
1-800-489-0986 for more details.
This program has been temporarily discontinued - please call us on
1-800-489-0986 for more details.
