Reverse mortgages carry a lot of misconceptions — some people think the bank takes the house, others think it's free money. Neither is true. For California homeowners 62 and older, a reverse mortgage can be a legitimate way to convert home equity into usable funds, while you continue to live in and own your home.
It's not the right fit for everyone, and it comes with real costs and obligations. But for the right situation, it can meaningfully change someone's retirement picture.
Key Benefits
Stay in Your Home
You retain ownership and continue living in the home as long as you meet loan obligations.
No Required Monthly Mortgage Payments
Loan repayment is generally deferred until you move, sell, or pass away.
Tax-Free Funds
Proceeds are typically treated as loan advances rather than taxable income.
HECM & Jumbo Options
FHA-backed HECM loans for conforming amounts, plus proprietary jumbo reverse mortgages for higher-value homes.
Eligibility at a Glance
- Youngest borrower on title must generally be 62 or older.
- The home must typically be your primary residence.
- You must continue to pay property taxes, homeowners insurance, and maintain the home.
- HUD-approved counseling is required before closing on a HECM reverse mortgage.
- All terms subject to qualification and program-specific guidelines.
How It Works
A Quick Conversation
We'll talk through your goals, income, and timeline to see how a reverse mortgage fits your plans.
Pre-Approval
Once we've gathered your documents, you'll get a clear picture of what you can qualify for — so you can shop with confidence.
From Offer to Closing
I'll guide you through underwriting, appraisal, and closing, keeping you informed at every step.
Frequently Asked Questions
Does the bank take ownership of my home?
No — you retain full ownership. The loan is repaid when the home is sold, or when you or your heirs settle the balance.
What happens to a reverse mortgage when I pass away?
Your heirs typically have the option to repay the loan and keep the home, or sell the home to satisfy the balance, with any remaining equity going to the estate.
Is a reverse mortgage the same as free money?
No — it's a loan against your home's equity, with interest and fees, that must eventually be repaid. It's worth understanding the full picture before deciding.
What are the eligibility requirements for a reverse mortgage?
Generally, you must be 62 or older, live in the home as your primary residence, and have sufficient equity. Specific requirements vary by program.
Can I lose my home with a reverse mortgage?
You can if you fail to meet loan obligations like paying property taxes, insurance, and maintaining the home as your primary residence — but you won't lose it simply because of the reverse mortgage itself.