Reverse Mortgages in 90651, CA: Access Your Home Equity

Introduction to Reverse Mortgage Loans in 90651, California

In the 90651 zip code, encompassing the Whittier area of California, reverse mortgage loans serve as a valuable financial tool for homeowners aged 62 and older. These specialized loans enable eligible seniors to tap into their home equity, converting it into accessible cash without the burden of monthly repayments. Unlike traditional mortgages, reverse mortgages allow borrowers to remain in their homes while receiving funds, making them an ideal option for supplementing retirement income, covering medical expenses, or funding home improvements in this vibrant Los Angeles County community.

At the core of a reverse mortgage is the principle of equity access: the loan amount is based on factors such as the borrower's age, current interest rates, and the appraised value of the home, up to the FHA lending limit of $1,209,750 for 2025. Proceeds can be disbursed as a lump sum, monthly payments, a line of credit that grows over time, or a combination thereof. Repayment is deferred until the homeowner sells the home, moves out permanently, or passes away, at which point the loan balance, including accrued interest, is settled from the home's sale proceeds. This non-recourse feature ensures that neither the borrower nor their heirs owe more than the home's value, providing peace of mind for families in Whittier.

Eligibility for reverse mortgages in 90651 follows federal guidelines under the Home Equity Conversion Mortgage (HECM) program, insured by the FHA. Homeowners must be at least 62 years old, own their primary residence outright or have a low remaining mortgage balance that can be paid off with the proceeds, and demonstrate the ability to maintain ongoing property taxes, homeowners insurance, and home upkeep. The property must meet FHA standards, including single-family homes, approved condos, or manufactured homes built after 1976. A mandatory HUD-approved counseling session is required to ensure borrowers fully understand the implications, and in California, this can often be completed via phone for convenience.

California-specific regulations enhance protections for seniors in the 90651 area. State law mandates a 7-day right of rescission after counseling, allowing time to reconsider without penalty. Contracts must be available in multiple languages, including Spanish, which is particularly beneficial in diverse Whittier. Additionally, lenders must be licensed by the California Department of Financial Protection and Innovation (DFPI), safeguarding against scams prevalent in high-equity regions like Los Angeles County. These measures align with broader consumer protections, ensuring transparent terms and no high-pressure sales tactics, such as annuity pitches during the process.

The benefits of reverse mortgages are especially pronounced in 90651, where median home values hover around $768,400, offering substantial equity for eligible seniors—estimated at over 31,000 homeowners aged 62 and older in the area. Funds from these loans are tax-free, can pay off existing mortgages to eliminate monthly payments, and provide flexibility without income or credit qualifications beyond basic financial assessments. For first-time explorers of such options, learning more about reverse loans through Summit Lending can clarify how this fits into your retirement strategy. To compare with other financing needs, consider mortgage loans in 90651 or explore refinance options if a traditional approach better suits your situation.

Summit Lending, with over 50 years of combined experience, specializes in guiding California seniors through reverse mortgages. Our team operates across jurisdictions including Los Angeles County, ensuring personalized service. For those considering construction or modifications to age in place, visit our construction loan calculator for 90651. Ready to start? Get pre-approved insights via pre-approval services in 90651, or browse all offerings on our mortgage loans page. Contact us today at [email protected] or 385-200-1470 to discuss your options.

Eligibility Requirements for Reverse Mortgages

To qualify for a reverse mortgage in the 90651 zip code of California, such as in Norwalk, prospective borrowers must meet specific criteria set by the Federal Housing Administration (FHA) for Home Equity Conversion Mortgages (HECM), the most common type. These requirements ensure the loan is suitable for seniors looking to access home equity without monthly payments.

Age Requirement: Borrowers must be at least 62 years old. If multiple borrowers are on the loan, all must meet this age threshold, with the youngest borrower's age determining the principal limit factor (PLF) for how much equity can be accessed. For more on reverse mortgage options tailored for elderly individuals, explore our Reverse Loans page.

Home Ownership: You must own your home outright or have a low mortgage balance that can be paid off with the reverse mortgage proceeds. The home must be your primary residence, where you live for at least six months per year. This applies to residents in the 90651 area, ensuring the property qualifies as a lived-in home rather than an investment or vacation property. If you're considering refinancing an existing mortgage before exploring reverse options, check our Refinance Loans in 90651 Zip Code, California.

Property Types Accepted in California: Eligible properties include single-family homes, two- to four-unit homes (where you occupy one unit), FHA-approved condominiums, and manufactured homes built after June 15, 1976, that meet FHA standards. Co-ops are generally not eligible. In California, including the 90651 zip code, properties must pass an FHA appraisal to confirm value and condition. For those interested in building or purchasing a qualifying property, visit our 90651 Zip Code, California Construction Loan Calculator or Purchase Loans in 90651 Zip Code, California.

Financial Assessments: Borrowers undergo a financial assessment to verify they have the ability to maintain property taxes, homeowners insurance, HOA fees (if applicable), and home repairs. This includes demonstrating sufficient income or assets; if needed, a set-aside account may be required for these ongoing costs. No specific income or credit score is required beyond this assessment, making it accessible for retirees. Summit Lending's experienced loan officers can guide you through this process—learn more about our team on the Loan Officers page.

FHA-Insured HECM Requirements: For HECM loans, which are FHA-insured and backed by the Mutual Mortgage Insurance Fund, additional rules apply. The home's value cannot exceed the FHA lending limit of $1,209,750 for 2025, though most homes in 90651 fall well below this. You must complete a mandatory HUD-approved counseling session (about 90 minutes, costing $125-$225) to understand the loan's implications. The property must meet FHA safety and structural standards, and the loan is non-recourse, meaning you or your heirs won't owe more than the home's value upon repayment.

State-Specific Rules for 90651 Residents: In California, reverse mortgage borrowers have a 7-day right to cancel after counseling and closing, providing extra protection. Contracts must be available in multiple languages if requested, and lenders must be licensed by the California Department of Financial Protection and Innovation (DFPI). For 90651 residents in Los Angeles County, local median home values around $768,400 make many properties ideal for HECM. Avoid scams by verifying lenders through official channels. For comprehensive mortgage solutions in the area, see our Mortgage Loans in 90651 Zip Code, California or contact us via the Contact Us page. If you're a first-time explorer of home financing, our First Time Home Buyers resources may offer helpful context, though reverse mortgages are tailored for seniors.

Types of Reverse Mortgage Loans Available

In the 90651 zip code area of California, elderly homeowners have access to several types of reverse mortgage loans designed to convert home equity into cash without requiring monthly payments. These options are particularly beneficial for seniors aged 62 and older looking to supplement retirement income, cover medical expenses, or make home improvements. At Summit Lending, we specialize in guiding clients through these options to find the best fit based on their financial needs and property values in this region.

The most common type is the Home Equity Conversion Mortgage (HECM), an FHA-insured program backed by the federal government. HECM loans allow borrowers to receive funds as a lump sum, monthly payments, a line of credit, or a combination, with no repayment required until the borrower moves out, sells the home, or passes away. For 90651 homeowners, where median home values hover around $768,400, HECM is ideal as it caps at the FHA lending limit of $1,209,750 for 2025, covering most properties in this Whittier-area zip code. This makes it suitable for those with moderate home equity seeking reliable, government-protected options. To explore HECM eligibility, consider our pre-approval services tailored for California seniors.

Another option is proprietary reverse mortgages, also known as jumbo reverse mortgages, offered by private lenders for high-value homes exceeding the HECM limit. These are not FHA-insured but provide larger loan amounts, up to $4 million or more, with flexible terms. In 90651, where some luxury homes surpass the federal cap, proprietary loans are a great choice for affluent elderly homeowners needing substantial funds for estate planning or extensive renovations. However, they often come with higher interest rates and fees, so they're best for those with significant equity and strong financial assessments. Learn more about advanced loan solutions through our commercial and specialized lending expertise, which can inform proprietary options.

For more targeted needs, single-purpose reverse mortgages are government or non-profit programs offering smaller loans for specific expenses like property repairs, taxes, or energy improvements. These are low-cost and restricted to low- or moderate-income seniors, making them suitable for 90651 residents on fixed incomes who don't need large payouts. Availability may vary, but they're a low-risk entry point for basic home maintenance. If your needs extend beyond reverse options, check our construction loan calculator for related home upgrade financing.

Choosing the right type depends on your home's value, age, and financial goals in the 90651 area. HECM suits most due to its protections and accessibility, while proprietary fits higher-end properties, and single-purpose addresses modest requirements. Contact Summit Lending today to discuss how these loans align with your situation, or visit our mortgage loans page for more details on reverse and other products available in California.

How Reverse Mortgages Work in California

Reverse mortgages in California, particularly in the 90651 zip code area, provide seniors aged 62 and older with a way to access their home equity without monthly payments. As a trusted mortgage broker at Summit Lending, we guide clients through this process tailored to California's regulations. Below is a step-by-step explanation of how these loans function, from application to repayment, including funding options and key considerations like interest accrual and impacts on benefits and estate planning.

Step 1: Application Process

The process begins with consulting a licensed loan officer. At Summit Lending's reverse loans page, you can learn about eligibility, which requires owning a primary residence in California with sufficient equity and being at least 62 years old. Submit an initial application detailing your home value, age, and any existing mortgage. Our team in Tremonton, UT, serves California clients seamlessly. For personalized advice, visit our Contact Us page to reach us at 385-200-1470 or [email protected].

Step 2: Mandatory HUD-Approved Counseling

California law mandates a HUD-approved counseling session before proceeding, typically lasting 90 minutes and costing around $125. This session explains the loan's pros, cons, and alternatives, ensuring informed decisions. Counselors cover California's specific protections, like the 7-day right to cancel after counseling. Once completed, you'll receive a certificate required for approval. For more on our experienced loan officers who can recommend counselors, check our team page.

Step 3: Choosing Funding Options

After counseling and application review, select from flexible payout options under the Home Equity Conversion Mortgage (HECM) program, insured by the FHA with a 2025 lending limit of $1,209,750—suitable for most homes in 90651 where median values hover around $768,400. Options include:

• Lump Sum: Receive the full eligible amount upfront, ideal for paying off an existing mortgage or large expenses. Fixed interest applies here.
• Line of Credit: Access funds as needed; the unused portion grows over time, providing flexibility for ongoing needs like home improvements.
• Monthly Payments: Get fixed tenure payments for life or a set term, supplementing retirement income.
• Combination: Mix of the above for customized cash flow.

Explore how these fit your situation using our Loan Calculator for estimates. In 90651, these options help cover property taxes or repairs while you retain home ownership.

Step 4: Appraisal, Underwriting, and Closing

An FHA-approved appraisal determines your home's value, ensuring it meets standards for single-family homes, condos, or manufactured units in California. Underwriting assesses financial ability to maintain taxes, insurance, and HOA fees. Closing involves signing documents at a title company, followed by a 3-day cooling-off period per California rules. Funds disburse shortly after, often within 45 days total. If you're considering this alongside other loans, see our Refinance Loans in 90651 for comparisons.

How Interest Accrues and Repayment Works

No monthly payments are required; instead, interest and fees accrue on the loan balance, added to the principal over time. Rates are typically variable (around 3.5-5.5% in California), based on indices like SOFR, causing the balance to grow—e.g., a $100,000 draw at 4.99% could exceed $250,000 in 10 years. Repayment is due when you sell the home, move out permanently, or pass away. It's non-recourse, meaning you or your heirs owe no more than the home's value at that time; FHA insurance covers any shortfall. Always maintain your property to avoid default risks.

Impacts on Medicare, Medicaid, and Estate Planning Under California Laws

Reverse mortgage proceeds are tax-free and do not count as income, so they generally don't affect Medicare eligibility or Social Security benefits. However, for Medicaid (Medi-Cal in California), the loan is treated as a lien, potentially impacting long-term care eligibility if it reduces available assets—consult California's Medi-Cal program for specifics, as rules vary by county like Los Angeles for 90651 residents. Estate planning is affected since the growing loan balance reduces inheritance; heirs can repay via home sale or deed in lieu, but California's probate laws may apply. Non-borrowing spouses have protections under federal rules, but adding them to the loan is advisable to secure rights. For first-time guidance, our First Time Home Buyers resources can extend to senior planning tips, though tailored for reverse scenarios. We recommend discussing with an estate attorney familiar with California deferral programs.

To start your reverse mortgage journey in 90651, use our secure application link at https://summitlending.my1003app.com/300501 for document uploads. Read client stories on our Testimonials page to see real impacts.

Costs and Fees Associated with Reverse Loans

Reverse mortgages, also known as reverse loans, provide valuable financial support for seniors aged 62 and older in the 90651 zip code of California, allowing them to access home equity without monthly payments. However, understanding the associated costs is crucial for making informed decisions. At Summit Lending, we break down these fees to help you navigate the process transparently. The primary costs include origination fees, mortgage insurance premiums (MIP), servicing fees, and closing costs, all of which can impact the net loan amount you receive.

Origination Fees: These are charged by the lender to cover the processing and underwriting of your reverse mortgage application. For Home Equity Conversion Mortgages (HECM), the FHA caps origination fees at the greater of $2,500 or 2% of the first $200,000 of your home's value, plus 1% of the amount over $200,000, with a maximum of $6,000. In the 90651 area, where median home values hover around $768,400, this could mean fees up to $6,000 for qualifying properties. These fees reduce your available principal limit, potentially lowering the lump sum, line of credit, or monthly payments by a similar amount. To minimize this, shop around with experienced lenders like our team at Summit Lending's loan officers, who can provide competitive rates.

Mortgage Insurance Premiums (MIP): HECM reverse mortgages require FHA insurance to protect both you and the lender. The upfront MIP is 2% of the maximum claim amount (up to the FHA lending limit of $1,209,750 for 2025), which for a typical 90651 home might add $10,000 to $24,000 depending on appraised value. An annual MIP of 0.5% is then charged on the outstanding balance and added to the loan. This ongoing cost causes the loan balance to grow over time, reducing your home equity faster—especially in high-value areas like 90651 where home prices have risen 6.1% year-over-year. For insights into how this affects your specific situation, use our loan calculator to estimate impacts on proceeds.

Servicing Fees: Lenders charge a monthly servicing fee to manage your loan, typically $30 to $35 per month, which is added to the loan balance. Over time, this can accumulate; for example, on a 10-year loan, it might total $3,600 to $4,200, subtly eroding your equity in California's appreciating 90651 market. Initial servicing fees are sometimes bundled into closing costs. To keep these low, opt for lenders with efficient servicing, and consider our About Summit Lending page to learn about our streamlined processes.

Closing Costs: These encompass third-party fees like appraisals ($300-$500), title searches, credit reports, and recording fees, often totaling $1,500 to $2,500 in California. In 90651, where properties must meet FHA standards, an appraisal is essential to confirm value, and any required repairs could add expenses. Combined with origination and upfront MIP, total closing costs for a $800,000 home might reach $15,000-$25,000, directly deducting from your initial payout options. California law provides a 7-day right to cancel post-counseling, giving you time to review these without penalty.

In the 90651 zip code, these costs can significantly affect your loan amount—for a $700,000 home, total fees might consume 3-5% of equity upfront, leaving less for retirement needs like supplementing income or paying off debts. However, tips to minimize expenses include completing mandatory HUD counseling early (costing $125-$225, often reimbursable), comparing quotes from multiple reverse mortgage providers in Los Angeles County, avoiding unnecessary add-ons, and using proceeds to pay off existing liens. We recommend starting with pre-approval to gauge affordability—visit our pre-approval page for 90651. For personalized guidance on reverse loans tailored to California properties, contact Summit Lending today or explore more on our reverse loans overview.

Pros and Cons of Reverse Mortgages for Seniors

Reverse mortgages can be a valuable financial tool for seniors in the 90651 zip code of California, allowing homeowners aged 62 and older to tap into their home equity without the burden of monthly payments. At Summit Lending, we specialize in guiding clients through these options to ensure they align with retirement needs. Below, we outline the key pros and cons to help you make an informed decision.

Pros

• Access to Cash for Living Expenses: A reverse mortgage provides tax-free funds that can supplement retirement income, covering essentials like medical bills, home repairs, or daily living costs. This is particularly beneficial in high-cost areas like 90651, where median home values are substantial. For personalized estimates, use our loan calculator to see potential proceeds based on your home's value.
• No Monthly Payments: Unlike traditional mortgages, reverse mortgages do not require monthly repayments, giving seniors financial flexibility while they continue to own and live in their home. This feature helps maintain cash flow for other priorities, such as healthcare or leisure.
• Remains in Home: Borrowers retain title to their property and can stay in their home for as long as they meet the loan requirements, like paying property taxes and insurance. This stability is crucial for seniors in California who wish to age in place without relocating.

Cons

• Reduces Home Equity: Over time, the loan balance grows due to accruing interest and fees, which can erode the home's equity. This might limit future financial options, such as selling the home or refinancing. If you're considering alternatives, explore our refinance loans for different equity access methods.
• High Fees: Upfront costs, including origination fees, mortgage insurance premiums, and closing costs, can be significant—often 2% or more of the home's value. Ongoing servicing fees and interest also add up, potentially making this more expensive than other loan types. For a full comparison, visit our mortgage loans page.
• Potential Impact on Heirs: The loan must be repaid when the borrower passes away or moves out, which could reduce the inheritance left to family members. Heirs may need to sell the home or refinance to settle the debt, affecting estate planning.
• Non-Borrower Spouse Protections in California: While California offers some safeguards, non-borrowing spouses may face challenges if not properly included on the loan. They could be required to repay the loan or vacate the home upon the borrower's death, though federal HECM rules provide extensions. Always consult with experts; our loan officers can explain these protections in detail during a free consultation.

To learn more about how reverse mortgages fit into your financial plan in 90651, contact us via our contact us page or schedule a session with one of our experienced professionals. We also recommend reviewing client stories on our testimonials page for real insights from California seniors.

Application Process for Reverse Loans in 90651

The application process for reverse mortgage loans in the 90651 zip code, California, is designed to be straightforward yet thorough, ensuring that eligible seniors aged 62 and older can access their home equity safely and compliantly. At Summit Lending, our experienced mortgage brokers guide you through every step, from initial consultation to closing. We emphasize working with licensed professionals who are well-versed in California lending standards, including state-specific disclosures and the 7-day right to cancel. This helps protect your interests and ensures a smooth process tailored to your needs in Whittier and surrounding areas.

Step 1: Initial Consultation
Begin by scheduling a free consultation with one of our loan officers. Discuss your financial situation, home value, and goals for the reverse loan. Our team, with over 50 years of combined experience, will explain options like Home Equity Conversion Mortgages (HECM) and how they fit your retirement plans. Contact us via our Contact Us page or call 385-200-1470 to get started. This step is crucial for understanding eligibility, such as owning your primary residence outright or with a low mortgage balance.

Step 2: Mandatory HUD Counseling
A key requirement for all reverse mortgages is completing a HUD-approved counseling session. This 90-minute session, costing around $125, covers the pros and cons, costs, and alternatives to reverse loans. In California, it can be done in-person, by phone, or virtually through approved agencies. You'll receive a counseling certificate needed to proceed. Our brokers can recommend counselors familiar with 90651-specific considerations, like local property taxes and insurance requirements. This step ensures you make an informed decision without pressure.

Step 3: Application Submission
Once counseled, submit your application through our secure portal at https://summitlending.my1003app.com/300501. Provide details on your home, income (though not required for approval), and payout preferences—such as lump sum, line of credit, or monthly payments. We'll handle the paperwork, including verifying your age (62+) and home eligibility (e.g., single-family homes or FHA-approved condos in 90651). Working with licensed pros like ours ensures compliance with California's Department of Financial Protection and Innovation (DFPI) rules.

Step 4: Home Appraisal and Underwriting
A professional appraiser will evaluate your property's value, typically up to the FHA lending limit of $1,209,750 for 2025. Underwriting reviews your application for financial assessments, like your ability to cover ongoing taxes, insurance, and maintenance. If needed, a set-aside for these expenses may be required. Our Loan Officers will keep you updated, addressing any liens or repairs first to meet FHA standards.

Step 5: Review Documents and Closing
Review the loan estimate, including upfront costs like the initial mortgage insurance premium (MIP) and origination fees. At closing, sign the documents in the presence of a notary. California law provides a 7-day cooling-off period after counseling, allowing cancellation without penalty. Funds are disbursed shortly after, often within 45 days of application. Post-closing, you'll retain home ownership with no monthly payments, but remember to maintain the property.

Throughout this process, partnering with Summit Lending ensures personalized support. Explore more about our Reverse Loans or use our Loan Calculator to estimate payments. For first-time insights, check our Blog. Always verify lender licensing via state resources to avoid scams common in California.

Alternatives to Reverse Mortgages

If you're a senior homeowner in the 90651 zip code area of California considering accessing your home equity without the complexities of a reverse mortgage, there are several viable alternatives tailored to elderly residents. These options can provide financial flexibility while potentially avoiding the high upfront fees and accruing interest associated with reverse mortgages. At Summit Lending, we specialize in guiding clients through these choices to find the best fit for their retirement needs. Below, we explore key alternatives, including home equity loans, refinancing, downsizing, and government assistance programs, with a focus on suitability for those in 90651.

Home Equity Loans and HELOCs

A home equity loan or Home Equity Line of Credit (HELOC) allows you to borrow against your home's equity while making monthly payments, unlike reverse mortgages which defer repayment. For seniors in 90651, where median home values are around $768,400, these can be ideal if you have steady income from Social Security or pensions to cover payments. Interest rates are often lower than reverse mortgage costs (typically 7-8% variable for HELOCs), and you retain full control over the funds for expenses like medical bills or home repairs. However, they require good credit and income verification, making them less suitable if you're on a fixed, low income. Visit our loan calculator to estimate payments and compare options.

Refinancing Your Existing Mortgage

Refinancing can cash out equity from your home in 90651, providing a lump sum while replacing your current mortgage with a new one at potentially lower rates. This is a strong alternative for active seniors aged 62+ who qualify based on credit and debt-to-income ratios, especially if current rates (around 6.5-7%) beat your existing loan. In California, with rising home values, you could access tens of thousands in equity without the non-recourse protection of reverse mortgages—but you'll need to make ongoing payments. It's best if you plan to stay in your home long-term and have reliable income sources. Our team at Summit Lending can help assess if refinancing aligns with your financial goals; start with a pre-approval consultation.

Downsizing Your Home

Downsizing involves selling your current property in 90651 and purchasing a smaller, more affordable home or condo, freeing up equity without taking on new debt. For elderly residents, this can reduce maintenance costs and property taxes in high-value areas like Los Angeles County, where homes average over $900,000. The proceeds can fund retirement living, travel, or assisted care. In California, first-time downsizers (even if not first-time buyers) may qualify for tax benefits or low-down-payment purchase loans. This option suits those open to relocating within 90651 or nearby, like Norwalk, and avoids loan fees altogether. Check our first-time home buyer resources for guidance, even as a senior transitioning.

Government Assistance Programs for Seniors

California offers targeted programs for low-income elderly homeowners in 90651, such as the Property Tax Postponement Program, which defers property taxes until the home is sold or the owner passes away—similar to reverse mortgages but with no interest accrual on the deferred amount. Additionally, the CalHFA MyHome Assistance Program provides down payment aid for purchasing more affordable housing, and HUD's Section 504 Home Repair Program offers grants up to $10,000 for accessibility modifications. These are income-based (e.g., under $50,000 for singles) and require no repayment for grants, making them highly suitable for fixed-income seniors avoiding debt. For personalized advice, contact us via our contact page or explore more on our mortgage loans in 90651 overview.

Each alternative has trade-offs: home equity products demand payments, while downsizing and assistance programs emphasize lifestyle changes or eligibility criteria. In 90651's dynamic market, consulting a loan officer at Summit Lending ensures you compare these against reverse mortgages effectively. Read client stories on our testimonials page to see how we've helped seniors navigate these options.

Frequently Asked Questions (FAQs)

Can I still work while on a reverse mortgage?

Yes, you can continue working and earning income with a reverse mortgage. There are no restrictions on employment, and the loan does not require income verification. This makes it a flexible option for seniors in the 90651 zip code who may still be active in the workforce. For more on our reverse loan services, explore our offerings.

What happens if I move out of my home?

If you move out permanently, such as to a nursing home or another residence, the reverse mortgage becomes due. You or your heirs would need to repay the loan balance, typically by selling the home. The home must remain your primary residence for the loan to stay active. Learn about mortgage loans in 90651 to see all options available in your area.

How does a reverse mortgage affect my taxes in California?

Reverse mortgage proceeds are generally not taxable as income under IRS rules, and California follows federal guidelines on this. However, interest paid may be tax-deductible if you itemize, similar to traditional mortgages. Always consult a tax advisor for your specific situation. For personalized advice, consider our pre-approval process to discuss your financial needs.

Am I eligible for a reverse mortgage in the 90651 zip code?

Eligibility requires you to be at least 62 years old, own your home outright or have a low mortgage balance, and use it as your primary residence. The property must meet FHA standards. Contact us via our contact page to check your eligibility.

What are the costs associated with a reverse mortgage?

Costs include an upfront mortgage insurance premium (0.5-2.5% of home value), origination fees up to $6,000, closing costs, and ongoing servicing fees. Use our loan calculator to estimate payments and understand the full picture.