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Reverse Mortgages

Searching for a mortgage loan? We'll be glad to answer your questions about our mortgage offerings! Give us a call today at 949-421-1000. Ready to begin? Apply Now.

Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to use their equity without having to sell their home. Choosing between a monthly amount, a line of credit, or a lump sum, you can receive a loan based on your home equity. The borrowed money doesn't have to be paid back until the homeowner sells his residence, moves out, or dies. You or representative of your estate is obligated to pay back the reverse mortgage loan, interest , and other finance charges when your house is sold, or you no longer live in it.

Who is Eligible?

Most reverse mortgages require youto be at least sixty-two years old, have a low or zero balance owed against the home and use the house as your principal residence.

Reverse mortgages are appropriate for homeowners who are retired or no longer bringing home a paycheck and have a need to add to their limited income. Rates of interest may be fixed or adjustable while the funds are nontaxable and do not adversely affect Medicare or Social Security benefits. The house can never be in danger of being taken away from you by the lending institution or put up for sale without your consent if you live longer than your loan term - even if the current property value creeps below the balance of the loan. If you'd like to learn more about reverse mortgages, please contact us at 949-421-1000.

At First California Financial, we answer questions about reverse mortgages every day. Call us: 949-421-1000.