Reverse Mortgages in California
If you’re 62 or older and own your California home (or have substantial equity in it), a reverse mortgage — technically called a Home Equity Conversion Mortgage, or HECM — lets you convert that equity into tax-free cash without selling the property. You stay in the home; you no longer owe a monthly mortgage payment; the loan is repaid when the home is sold or you no longer live there as your primary residence.
Three ways to take the money
• Lump sum at closing — useful if you’re paying off an existing mortgage or making a major purchase
• Monthly payments to you — “tenure” (for as long as you live in the home) or “term” (for a fixed number of years)
• Line of credit — arguably the most powerful option; the unused balance grows over time, giving you a hedge against future cash needs
What stays the same
You remain on title. You’re responsible for property taxes, homeowner’s insurance, and basic maintenance, just like with any mortgage. The home stays yours and can still be passed to heirs — they’ll have the option to keep the property by paying off the reverse mortgage balance or sell it and keep the remaining equity.
HECM key requirements
• At least one borrower must be 62 or older
• Property must be your primary residence
• Sufficient home equity (typically 50%+, depending on age)
• HUD-approved counseling session (we’ll connect you with an approved counselor)
• Demonstrated ability to keep taxes & insurance current
Why UWL for your reverse mortgage
Reverse mortgages get sold aggressively — sometimes by lenders whose terms favor the lender more than the homeowner. As an independent broker, we shop your HECM scenario across multiple reverse-mortgage wholesale lenders and walk you through the side-by-side. No high-pressure sales; we’ll tell you honestly when a reverse mortgage isn’t the right tool for your goals.
