What Is A Reverse Mortgage Loan In Southern California?
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In Southern California, reverse mortgage loan are available to homeowners 62 and over. This unique loan allows eligible homeowners to convert equity they have accrued in their home, into cash. Designed to help retirees with fixed or limited incomes, this loan is aptly named, as it truly is a mortgage in reverse. Instead of making monthly mortgage payments to a lender, in a reverse mortgage loan the lender makes payments to the homeowner. This loan generally does not need to be paid back until after the home is sold or vacated. The homeowner, however, is required to keep homeowner's insurance and property taxes current, maintain the home, and otherwise comply with the loan terms.
* These materials are not from HUD or FHA and were not approved by HUD or a government agency.