See If You're Eligible for a Reverse Mortgage in California


See If You’re Eligible for a Reverse Mortgage in California

United Wholesale Lending Is a Professional Reverse Mortgage Lender in California.

Do You Qualify For a Reverse Mortgage?

Looking for a reverse mortgage in California? Call our trusted team to find out if you could release equity from your property with a reverse mortgage loan.

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What’s a Reverse Mortgage?

A reverse mortgage is a category of loan that allows homeowners aged 62 or over to turn a percentage of their equity into cash. It can help people on a limited income to organize their retirement finances more effectively.

With a reverse mortgage, you don’t have to make any mortgage payments while you’re living in the property. Instead, the lender sends you a regular sum. However, you do still have to pay property taxes, hazard insurance, homeowner’s association dues, and any other applicable expenses, as well as maintain the property.

Advantages of a Reverse Mortgage

With a reverse mortgage, there is no FICO requirement or debt-to-income ratio. The money is not taxable and you’re not limited as to how you spend it.

Lots of older California homeowners find that a reverse mortgage helps them to cover living costs without having to dip into their savings. It can also provide you with a regular monthly income and facilitate the purchase of items that might ordinarily be out of reach. It could even help you relocate to a more economical home or move nearer family.

Am I Eligible?

To apply for a reverse mortgage, there are certain criteria you must fulfill:

  • You must be at least 62 years of age
  • You must be able to afford taxes, insurance, and any HOA dues
  • You need to own your house outright or have a low mortgage payment
  • Both you and any non-borrowing partners must complete independent financial counseling

How Much Can I Borrow Through a Reverse Mortgage?

The amount you can borrow depends on several factors:

  • How much your home is worth
  • Any outstanding mortgage
  • Your age
  • The rate of interest

Potential Disadvantages of a Reverse Mortgage

While reverse mortgages can offer significant benefits to many homeowners, there are some potential disadvantages you should be aware of.

The transaction costs and fees associated with reverse mortgages are usually higher than those associated with normal mortgages, as are the interest rates. If your reverse mortgage runs for many years, you could exhaust a large percentage of your home’s equity, leaving you with less of a legacy to pass on. Also, you risk losing your home if you get behind on property taxes, insurance, or house maintenance.

Before making a decision, speak to our experts to find out whether a reverse mortgage is suitable for you.

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How Much Does a Reverse Mortgage Cost?

The cost of a reverse mortgage varies according to the lender and the way you choose to be paid any income. Charges may include the following:

Origination Fee

This is the payment made to the lender for the loan’s origination. This can vary by lender but it’s limited by the FHA. The origination fee on homes valued at $125,000 or more cannot exceed $2,500. Homes valued at more than this are restricted to 2% on the first $200,000 and 1% on the remainder, up to a maximum of $6,000.


Interest rates on reverse mortgages are often variable, meaning they will fluctuate monthly or annually, depending on which type you choose.

Third-party Closing Costs

These charges vary by lender but typically include valuation fees and credit checks.

Servicing Fee

This is the fee connected with the expense of administering your loan. It varies from lender to lender

Mortgage Insurance

You have to pay mortgage insurance at closing, as well as a monthly fee equal to 1.25 percent of the principal loan principal, for the term.

If you’d like to know which of these fees would apply to you and how much they would cost, please give our friendly team a call and we’ll be happy to help.

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Questions We’re Often Asked

What Effect Will a Reverse Mortgage Have on My Benefits?

A reverse mortgage won’t affect any Social Security or Medicare benefits; however, it might affect Medicaid or Supplemental Security Income benefits (SSI). This is because, unlike Medicare and Social Security, SSI and Medicaid are directly tied to your income and assets.

Is It Possible to Foreclose on a Reverse Mortgage?

Yes, it is. A reverse mortgage may be foreclosed upon a maturity event. These events can include the holder of the reverse mortgage dying or the property being sold.

Can I Refinance My Reverse Mortgage?

You can restructure your reverse mortgage after it’s been in place for at least 12 months. You might want to refinance if you find another reverse mortgage with better terms.

What Happens to the Loan If the Owner Dies?

If there are two co-borrowers, the remaining co-borrower can typically continue to live in the home and receive reverse mortgage payments until they die or leave the property.

If both borrowers die, several choices become available to their heirs, including selling the home to repay the reverse mortgage’s remaining balance or getting a new mortgage if they wish to keep the house.

Our Process

1. Get in Touch

When you contact us, a member of our professional team will answer any questions you might have and explain all about reverse mortgages.

2. We Discuss Your Circumstances

When we understand your circumstances better, we can check to see whether you are eligible for a reverse mortgage loan and advise on whether it’s the best option for you.

3. Your Reverse Mortgage Application

If you decide to proceed, our experts will handle everything for you and process your application speedily.

4. Approved!

Your reverse mortgage has now been approved and you can sit back and wait for your money!

Learn More About Reverse Mortgages

At United Wholesale Lending, we provide reverse mortgages in the Sacramento area including El Dorado Hills, Folsom, Roseville, Loomis, Rocklin, Natomas, Auburn, Granite Bay, and Elk Grove.

Give us a call to learn more about reverse mortgages or Apply Now by clicking the following link.

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