Reverse Mortgages

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In a reverse mortgage (also referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without having to sell their homes. Deciding how you'd prefer to be paid: by a monthly payment, a line of credit, or a lump sum, you may receive a loan amount determined by your equity. The borrowed money doesn't have to be repaid until the homeowner sells his home, moves out, or dies. You or representative of your estate must repay the reverse mortgage amount, interest accrued, and other finance charges at the time your property is sold, or you no longer live in it.

Are you Eligible?

The requirements of a reverse mortgage often include being sixty-two or older, using the home as your main living place, and holding a low remaining mortgage balance or owning your home outright.

Homeowners who are on a fixed income and find themselves needing additional funds find reverse mortgages advantageous for their circumstance. Rates of interest may be fixed or adjustable while the funds are nontaxable and don't affect Medicare or Social Security benefits. Your residence is never in danger of being taken away from you by the lending institution or sold without your consent if you live longer than the loan term - even if the current property value goes under the loan balance. Call us at 949-421-1000 to explore your reverse mortgage options.

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