Please select your state below to see more information.
California reverse mortgages allow eligible borrowers to access the wealth accumulated in their home equity, without having to sell or vacate the property. Also known as a home equity conversion mortgage (HECM), a reverse mortgage converts a portion of equity into loan proceeds that can be used to the borrower’s benefit in many different ways, such as:
Reverse mortgage qualifications in California state that a borrower may be eligible for the HECM program if he or she is:
According to reverse mortgage requirements in California, borrowers are not expected to make monthly loan repayments; rather, the principal balance and interest become due and payable when the loan reaches a maturity event.
Use our reverse mortgage calculator to receive a free loan estimate
As a federally insured program, GoodLife’s reverse mortgage application process
in California is similar to other states.
A GoodLife Reverse Mortgage Specialist will explain the details of the HECM program and ask about your retirement goals to ensure this financial product is the right fit for your needs.
HUD`s counseling session will answer any additional questions you may have and confirm that a California reverse mortgage is suitable for your situation.
During this process, we arrange an appraiser to determine the value of your property. Use our reverse mortgage calculator to estimate the loan proceeds you may qualify for.
Once your application is approved, we fund the loan, complete appropriate payouts, and disperse the cash proceeds as a lump sum, monthly installment, or line of credit.
Our reverse mortgage FAQs may contain the information you’re looking for.
Yes, you may be able to use a California reverse mortgage to pay off your existing mortgage and increase your cash flow with the remaining proceeds.
A reverse mortgage is a non-recourse loan insured by the FHA; therefore, you will never owe more than the outstanding balance or 95% of the property’s appraised value, whichever is less.
This legislation, passed in 2009, states that reverse mortgage interest rates may be fixed or variable. It also requires reverse mortgage lenders in California to provide borrowers with a list of at least 10 federally approved HECM counselors, along with other measures designed to protect elders.