It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in California, don't hesitate to contact one of our specialists at any time.No matter what state you live in, you'll find licensed specialists offering reverse mortgages. This includes California. However, before you contact a mortgage specialist, you should consider the reasons you may want to apply for a reverse mortgage!
The Price of Living in the Golden StateLike many other states, California has a steadily increasing cost of living. A limited income can make paying monthly bills tough – especially if you're still making mortgage payments or find yourself with expensive medical bills. While you're living on a limited budget, the wealth you so wisely invested in your home's equity just sits there, unused. Now, you can access that equity through a reverse mortgage. California residents may qualify for either fixed rate or adjustable rate reverse mortgages, which can allow you to use the equity in your home. With a reverse mortgage, you are not required to repay the loan until the loan becomes due and payable. The loan generally becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) move, sell the property, or pass away. * You remain the owner of the home and you (or an eligible non-borrowing spouse during a deferral period) must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due, you (or your heirs) have the option of selling the home or, if your heirs wish to keep the property, they could pay off the loan by using their own funds or by refinancing the loan. However, there is no guarantee that your heirs will be able to refinance the loan in the future. Refinancing the loan will depend on your heirs’ future financial situation, the property value and market conditions.
Everyone’s in California, Except MeIf your family lives in California and you don't, you may want to move closer to them. Or perhaps you have always dreamed of retiring to the West Coast but don't think you can afford the cost of a new house. We may help you realize your dreams, thanks to the reverse mortgage for purchase option. California dreamers who qualify for a reverse mortgage for purchase can use their loan to purchase a home anywhere in the U.S. Like other reverse mortgages, the loan generally becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) move, sell the property, or pass away. You remain the owner of the home and you (or an eligible non-borrowing spouse during a deferral period) must continue to pay property taxes, insurance fees, and home maintenance costs. However, there’s one thing to keep in mind – HECMs only apply to primary residences. You can't use a reverse mortgage to purchase a vacation home.
Reverse Mortgage SpecialistsPlease fill out the form on this page to have a reverse mortgage specialist contact you. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in California. Our specialists will be happy to assist you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.