California Reverse Mortgages

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How a Reverse Mortgage Works in CA

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:

  • Paying off outstanding debt, avoiding interest fees, and settling financial obligations
  • Affording medical bills and expenses
  • Installing home modifications to age in place
  • Deferring repayment and securing financial resources for the future
  • Enjoying leisure, travel, and recreation in retirement

To learn more about the structure of a reverse mortgage in California, download GoodLife’s reverse mortgage guide for additional information.

Have a question about California reverse mortgages?
Contact us today.

California Reverse Mortgage Qualifications & Requirements

Reverse mortgage qualifications in California state that a borrower may be eligible for the HECM program if he or she is:

  • At least 62 years old
  • Owns substantial home equity
  • Occupies the property as their primary residence
Additional reverse mortgage eligibility requirements include:
  • The property must meet the criteria established by the FHA
  • The borrower must stay current on property taxes and mortgage insurance premiums
  • The borrower must attend HUD-approved counseling

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.

California Reverse Mortgage Calculator

Use our reverse mortgage calculator to receive a free loan estimate

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If your home value is above $765,600 please contact us for a customized benefit summary.


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California Reverse Mortgage Process

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.

Reverse Mortgages in CA: FAQs

Our reverse mortgage FAQs may contain the information you’re looking for.

Can I qualify if I have an existing mortgage?

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.

What if the home is worth less than I owe?

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.

What is the California Reverse Mortgage Elder Protection Act?

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.

Direct any additional questions to our experienced Reverse Mortgage Specialists for assistance. We’re a trusted California reverse mortgage company committed to helping seniors live The GoodLife in Retirement, and we look forward to serving you, too.

Check out our blog and videos to learn more about how you can live The Good Life in Retirement