California Reverse Mortgage Lender
Welcome to Capital Home Mortgage California where our goal is simple, to provide California Seniors access to every California Reverse Mortgage product available while providing sound financial advice of the pros and cons to each of the California Reverse Home Loans. We understand that considering a reverse mortgage is an important decision for seniors and that is why Capital Home Mortgage California provides dedicated points of contact throughout the reverse mortgage process to ensure that every question is answered and that you have the same representative to walk you through the process. This assures outstanding customer service and provides a stress-free experience. California is a direct California Reverse Mortgage Lender that offers seniors both refinance and purchase reverse mortgagees, while managing the entire lending process from beginning to end. Our in-house processing and underwriting enables for quick, common sense approvals and timely closings. Rest assured we have complete control over everything from the application to the funding.
Thank you for the opportunity to earn your business. Call today (888) 620-7744 to talk begin the process or to one of our California Reverse Loan Specialists.
California Reverse Home Mortgages
In California, reverse mortgages follow the same basic principles and regulations as in other states, but there may be some specifics or considerations unique to California.
To qualify for a reverse mortgage in California, homeowners must be at least 62 years old and own their home outright or have a low mortgage balance that can be paid off with the proceeds from the reverse mortgage. The property used for the reverse mortgage must be the primary residence of the borrower and meet certain criteria set by the Federal Housing Administration (FHA), such as being a single-family home, a one-to-four unit dwelling, or an approved condominium or manufactured home.
Before obtaining a reverse mortgage in California, borrowers are required to undergo counseling from a HUD-approved counselor. This counseling session aims to ensure that borrowers fully understand the implications and obligations of a reverse mortgage. Reverse mortgage loan limits in California, as in other states, are subject to change and are determined by factors such as the borrower’s age, the home’s appraised value, and current interest rates.
One of the unique aspects of a California reverse mortgage is that repayment is typically not required until the borrower no longer occupies the home as their primary residence. At that point, the loan becomes due, and the borrower or their heirs must repay the loan amount, usually by selling the home, or refinancing it.
California, like many other states, has regulations in place to protect borrowers who obtain reverse mortgages. These regulations may include requirements for lenders to provide clear and accurate information about the terms of the loan, as well as provisions for counseling and other safeguards.
Interest rates and fees associated with reverse mortgages in California may vary depending on the type of California Reverse Mortgage and the specific terms of the loan.
It’s important for anyone considering a reverse mortgage in California to thoroughly research their options, understand the terms and requirements of the loan, and consult with a financial advisor or California Reverse Specialist to ensure it’s the right choice for their financial situation.
Additionally, borrowers should be aware of any potential implications for their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI).
California Reverse Mortgages
California REverse Home Loans
Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
- Purchase & Refinance
- Primary Only
- 62 Years or Older
- Required Hud Counseling
- Homeowners Insurance Required
- Must Continue to Pay Taxes
- Meet Required Equity Values
California HOME EQUITY CONVERSION Mortgages
California Home Equity Conversion Mortgages
A California Home Equity Conversion Mortgage is the most prevalent reverse mortgage type because it has no restrictions. In other words, you get to use the money in any way you want enabling seniors to access a portion of their home’s equity. The HECM allows the borrower to withdraw cash in a fixed monthly amount, a line of credit, or a combination of both. A HECM can also be used to purchase the borrower’s primary residence as well. The HECM is insured and regulated by the U.S. Department of Housing and Urban Development (HUD), and under is under the division of the Federal Housing Administration (FHA).
Advantages of a HECM
- No credit score requirements
- Tax-exempt
- No monthly loan payments are due. Owner Still Responsible for Property Taxes, Insurance, Property Related Charges
- Lenient income requirements
- The ability to obtain funds based on their home equity
- Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc
Dis-Advantages of a HECM
- Property must be their primary residence for most of the year
- Must repay the HECM if they sell the home or relocate
California Proprietary Reverse Mortgage
California Proprietary Reverse Mortgage
A California Proprietary Reverse Mortgage is a private mortgage that is not guaranteed by the federal government and is typically issued to borrowers who require more than the HECM maximum. It enables the homeowner to access the equity in their house and utilize the funds for any purpose. However, they are not regulated; therefore, the loan terms might vary significantly between lenders.
Advantages of a Proprietary Reverse Mortgage
- Homeowners can use the money from their home equity for anything they want.
- Possible to get more money than with reverse mortgages insured by the government.
California Single Purpose Reverse Mortgage
California Single Purpose Reverse Mortgage
The California Single-Purpose Reverse Mortgage is a government or non-profit-backed option for accessing home equity for a particular purpose. A single-purpose reverse mortgage is an agreement between a lender and a borrower in which the lender gives the borrower money in exchange for a portion of the borrower’s home equity. The payments received by the borrower must be used for a specific purpose approved by the lender and specified in the loan.
Advantages of a Single-Purpose Reverse Mortgage:
- Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
- Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement
Disadvantages of Single-Purpose Reverse Mortgages:
- As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
- With a single-purpose reverse mortgage, the money can only be used for the purpose approved and written into the loan. This limits how the funds can be used.
Why California is Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates & Fees
Exceptional Service
7 Day a Week Support Application to Funding
California Mortgage Team
California Mortgage Company Reviews
California Mortgage Programs
California Purchase loans
Looking to Purchase a California Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
California Renovation Loans
Looking to Rehab a California Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
California FHA Home loans
Great First Time California Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
California va Home Loans
100% Financing for California Veterans
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
California Conventional loans
Flexibility for California Homebuyers
- Primary, 2nd Home, Investment
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Terms
- Renovation Programs Available
California Jumbo Home Loans
California Non-Conforming Mortgage Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
California USDA Home loans
100% California Rural Home Mortgages
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
California Native american Loans
California Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
California Manufactured loans
Great California Affordable Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
California Reverse Mortgages
Your California Home at Work for You
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
California Non QM Home loans
Making California Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
California construction Loans
Build Your California Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
California Refinance Home Loans
California Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
California Cashout Home Loans
California Equity Cash Out Mortgages
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education