Reverse Mortgages

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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their home equity without selling their home. Deciding how you'd prefer to to receive your funds: by a monthly payment amount, a line of credit, or a lump sum, you may get a loan amount determined by your equity. Repayment isn't required until the homeowner sells the property, moves (such as to a retirement community) or dies. You or representative of your estate has to pay back the reverse mortgage amount, interest , and finance fees after your property is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The requirements of a reverse mortgage loan usually are being sixty-two or older, maintaining the property as your primary living place, and holding a low balance on your mortgage or owning your home outright.

Homeowners who are on a limited income and have a need for additional funds find reverse mortgages advantageous for their situation. Interest rates can be fixed or adjustable and the funds are nontaxable and don't interfere with Social Security or Medicare benefits. Your residence can never be in danger of being taken away from you by the lending institution or put up for sale against your will if you live past your loan term - even if the property value creeps under the balance of the loan. If you'd like to find out more about reverse mortgages, please call us at 949-421-1000.

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