Sign Up For Our Newsletter
Summit Lending - A Direct Mortgage Lender

FREE SEMINAR - REGISTER NOW
Summit Lending Home Loans Mortgages Orange County
A Direct Mortgage Lender

Free Home Loan Mortage Seminar

Quick Contact
888-451-9006



Quick Contact
888-451-9006



Purchase Loans Refinances FHA & VA Loans
Conventional & Jumbo Loans


What Is A Reverse Mortgage Loan In Southern California?

Back to all FAQs

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.