Reverse Mortgage California with Kevin A. Guttman

Are you about to retire from work, and you’re putting things in place to have a lovely retirement? Then, going for a reverse mortgage in California is an option you might want to opt for. You’re qualified to get a reverse mortgage if you are over 62 years, and you own a home with adequate home equity. As a homeowner, a reverse mortgage allows you to borrow equity. Rather than paying the lender, the lender makes payment to the borrower.

Eliminate Monthly Mortgage Payment

How does reverse mortgage work in California

With a reverse mortgage, you’re not required to make any monthly mortgage payments as long as you still stay in the house, and you continue to meet your usual obligations. These obligations include payment of your property taxes, maintaining your property, plus homeowners’ insurance.

California Reverse Mortgage Payments

Reverse Mortgage payments can be made either as a lump sum, Periodic advances through a line of credit, as a monthly payment as long as the borrower still resides in the home, or as a combination of any of them. Now comes the question, what precisely do you stand to gain by taking a reverse mortgage?

California (/ˌkælɪˈfɔːrnjə/) is a state in the Western United States that lies on the Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares an international border with the Mexican state of Baja California to the south. With over 39 million residents across an area of 163,696 square miles (423,970 km2), it is the most populous U.S. state, the third-largest by area, and the most populated subnational entity in North America.

Prior to European colonization, California was one of the most culturally and linguistically diverse areas in pre-Columbian North America. European exploration in the 16th and 17th centuries led to the colonization by the Spanish Empire. The area became a part of Mexico in 1821, following its successful war for independence, but was ceded to the United States in 1848 after the Mexican–American War. The California gold rush started in 1848 and led to social and demographic changes, including depopulation of Indigenous tribes. The western portion of Alta California was then organized and admitted as the 31st state in 1850, as a free state, following the Compromise of 1850.

The Greater Los Angeles and San Francisco Bay areas are the nation’s second- and fifth-most populous urban regions, with 19 million and 10 million residents respectively.[11] Los Angeles is the state’s most populous city and the nation’s second-most. Sacramento California’s capital. Part of the Californias region of North America, the state’s diverse geography ranges from the Pacific Coast and metropolitan areas in the west to the Sierra Nevada mountains in the east, and from the redwood and Douglas fir forests in the northwest to the Mojave Desert in the southeast. Two-thirds of the nation’s earthquake risk lies in California.[12] The Central Valley, a fertile agricultural area, dominates the state’s center. The large size of the state results in climates that vary from moist temperate rainforest in the north to arid desert in the interior, as well as snowy alpine in the mountains. Droughts and wildfires are an ongoing issue,[13] while simultaneously, atmospheric rivers are turning increasingly prevalent and leading to intense flooding events—especially in the winter.

The economy of California is the largest of any U.S. state, with an estimated 2024 gross state product of $4.132 trillion as of Q3 2024.[14] It is the world’s largest sub-national economy; by most estimations, if it were a country on its own, it would be the fifth-largest economy in the world (putting it, as of 2025, behind Japan and ahead of India) when ranked by nominal GDP.[15][16] The state’s agricultural industry also leads the nation in agricultural output,[17][18][19] led by its production of dairy, almonds, and grapes.[20] With the busiest port in the country (Los Angeles), California plays a pivotal role in the global supply chain, hauling in about 40% of goods imported to the US.[21] Notable contributions to popular culture, ranging from entertainment, sports, music, and fashion, have their origins in California. The Los Angeles area is seen as the center of the U.S. film industry;[22] the area is the home of Hollywood, the oldest and one of the largest film industries in the world, profoundly influencing global entertainment. The San Francisco Bay’s Silicon Valley is seen as the center of the global technology industry.[22]

Etymology

Main articles: Etymology of California and Island of California
The word “California” and its namesake ruler, Queen Calafia, originate in the 1510 epic Las Sergas de Esplandián, written by Garci Rodríguez de Montalvo.

The Spaniards gave the name Las Californias to the peninsula of Baja California (in modern-day Mexico). As Spanish explorers and settlers moved north and inland, the region known as California, or Las Californias, grew. Eventually it included lands north of the peninsula, Alta California, part of which became the present-day U.S. state of California.

Reverse Mortgage Rates California

As a homeowner, reverse mortgage makes you live a more comfortable retirement. It allows you to continue living in your home while also getting paid. Reverse mortgage rates will vary opto the current market rates, loan amount and credit history. Contact the Kevin A. Guttman team to see what today’s mortgage rates are, call (877) 251-9709

Here are the benefits to a reverse mortgage.

  • You remain as the homeowner on title.
  • You still retain ownership of your home.
  • You can also choose to take your funds whichever way you desire.
  • You can take it as a lump sum at once.
  • You can also take it as a line of credit that can be tapped when needed.
  • You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
  • You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
  • You’ll still get your social security or your Medicare benefits.

Once your loan has been repaid, you or your heirs are entitled to the remaining equity. In other words, the remaining equity belongs to you. These are the benefits of taking a reverse mortgage.

California Reverse Mortgage Broker

Another option is that you can be paid with a combination of these options. However, if you opt for a fixed-rate loan, you’ll be paid a single disbursement lump sum. This is good if you have a significant project you need to spend on. Contact the team at Kevin A. Guttman to get more information on a reverse mortgage.

Like every form of home financing, there are pros and cons to each. For many, a reverse mortgage is a huge lifeline and well suited to their particular situation. For those homeowners, the pros of a reverse mortgage outweigh the cons.

Here are some reverse mortgage pros for your consideration.

  • The proceeds are not taxable.
  • The borrower is not responsible for the repayment of the loan.
  • You can also choose to take your funds whichever way you desire.
  • You can take it as a lump sum at once.
  • You can also take it as a line of credit that can be tapped when needed.
  • You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
  • You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
  • You’ll still get your social security or your Medicare benefits.

Here are the cons of a reverse mortgage.
Property taxes, homeowners insurance, other housing fees such as HOA dues or Flood insurance must be paid by you as with any home. You have to live in the home 6 months or more a year as your primary residence, and maintain the home.

  • The proceeds are not taxable.
  • The borrower is not responsible for the repayment of the loan.
  • You can also choose to take your funds whichever way you desire.
  • You can take it as a lump sum at once.
  • You can also take it as a line of credit that can be tapped when needed.

What qualifies for a reverse mortgage in California

This particular type of home financing is only available to senior homeowners and the program has been recently reformed to be more fair and favorable towards seniors. A reverse mortgage, for many, is a solution that changes their life.

  • The proceeds are not taxable.
  • The borrower is not responsible for the repayment of the loan.
  • You can also choose to take your funds whichever way you desire.
  • You can take it as a lump sum at once.

One couple we recently helped wanted to downsize to a house that had main floor living and no yard maintenance. They had enough equity in their home to qualify for the HECM For Purchase (H4P). They were able to purchase a home with main floor living in the neighborhood close to their grand kids and have NO monthly mortgage payment. For them, the cons of a reverse mortgage were outweighed by the benefits!

Jumbo Reverse Mortgage in California

A jumbo reverse mortgage can help you tap into your home equity during retirement and help you face everyday challenges. When you meet the age and credit score requirements, the jumbo reverse loans can be a place to age and increase your cash flow with rising healthcare costs, education, or helping out other family members.

Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of 600,000$. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.

Private firms and larger banks are generally responsible for jumbo reverse mortgages, however, mortgagers are subject to the same obligations under traditional reverse mortgages to finance their high-valued property.

Reverse Mortgage Lenders Near California

If you want to know if a reverse mortgage is right for your situation, you can get a free confidential analysis. We’ll ask a few questions and can easily determine if your property qualifies for a reverse mortgage. Get your FREE confidential analysis.

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Reverse Mortgage California