- More About Reverse Mortgages
- Who is Option Funding?
- Strategic Partners
12 Reasons for a Reverse Mortgage
Live Life on Your Terms
Did you know a Reverse Loan can be used to preserve your retirement/investment portfolio and keep it growing, increase cash flow, purchase long-term care insurance, purchase a home, or pay off credit card debt?
Reverse Mortgage Calculator
How Much Do You Qualify For?
If you’re thinking about a Reverse Loan or planning to purchase a new home with a Reverse Loan, find out how much you qualify for or learn more about Reverse Loans and what they can do for you.
For Financial Advisors
Can a Reverse Mortgage help your client?
As a financial planner, your goal is to help your clients reach their financial goals grow their investments and protect their retirement. A Reverse Mortgage can be an extremely valuable tool for achieving these goals.
Congress of California Seniors
Advocating for You
The Congress of California Seniors has been advocating for seniors, their families and communities for more than 30 years. Find out more about their educational and advocacy programs or get involved.
What is a Reverse Mortgage?
- Federal mortgage offered by FHA under HUD
- Available to anyone 62 years of age or older
- Federally insured by government, protecting borrower and heirs
- Borrower holds Title & continues to own their home
- It is only repaid once the last borrower “leaves” the home and the heirs inherit the property. The heirs may pay the loan off, either through refinancing the reverse loan and keeping the property or selling it and receive the remaining equity.
- No equity sharing with lender and lender does NOT assume ownership of property.
- No mortgage payments.
- Loan can be prepaid anytime WITHOUT penalty.
An important part of the process of learning about reverse loans, is counseling through a HUD approved counseling agency. The counseling is invaluable for helping anyone to understand the loan program and if a person does decide to apply for the loan, is necessary as part of the application process.
Completing the counseling is not a commitment to apply for the loan…