California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

About Reverse Mortgages

What is a Reverse Mortgage?

A reverse mortgage is a loan that enables homeowners 62 and older, to convert home equity into tax-free income without selling, giving up title, or having monthly mortgage payments.

The payment stream is “reversed” and the lender makes payments to you.

Eligible property types are single-family homes, manufactured homes built after June 1976, qualified condominiums, and townhouses.

Your Retirement Years Enhanced?

You can use the funds from the reverse mortgage for anything:

  • daily living expenses
  • home repairs or modifications
  • health care expenses, including prescription drugs or in-home care
  • pay-off of existing debts
  • lifestyle enhancement
  • prevention of foreclosure
  • Payoff your first or second mortgage
  • and any other needs you may have

There are no income or medical requirements to qualify.

What are Your Payment Options?

You can choose how to receive the money from a reverse mortgage:

  • all at once (lump sum)
  • fixed monthly payments (for up to life)
  • a line of credit
  • or a combination of these

The amount of money you get from a reverse mortgage depends on:
your age,

  • type of reverse mortgage selected
  • appraised home value
  • current interest rates
  • and where you live

The funds from a reverse mortgage are tax-free; it’s your money, not additional income.

A reverse mortgage will not affect your Social Security or Medicare benefits.

Contact me to see how much money is available to you and if a reverse mortgage makes sense.

Paying Back Your Loan?

No monthly payments are due on a reverse mortgage while it is
outstanding.

The loan is repaid only when you:

  • no longer occupy the home as your principal residence (the last remaining spouse, in cases of couples)
  • pass away,
  • sell the home,
  • or permanently move out.

The amount owed can never exceed the value of your home.

When the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.