Purchasing a Home with a California Reverse Mortgage
If you are a senior (62 or over) and are planning to relocate to California or downsize into a home that better suits your current or future needs, a California Purchase Reverse Mortgage may be a perfect fit for you.
Important facts about a California Reverse Mortgage:
- Using the proceeds from the sale of your current home or cash on hand, you will make a down payment (usually 40% to 50% of the purchase price) on your new home.
- The balance of the purchase is covered by your California Reverse Mortgage (HECM), and any remaining funds can be used as you choose.
- As with any home, the homeowner is responsible for paying property taxes, insurance premiums, and maintaining the home.
- You own your home – not the bank!
- You will make no monthly mortgage payments on the new loan for as long as you or your spouse (if applicable) live in the home.
- You can refinance or sell whenever you want with no penalty.
Contact us for a consultation and have all of your California reverse mortgage questions answered today!
You’ll find out:
- Do I qualify for a purchase reverse mortgage?
- How much money can I get?
- Is a reverse mortgage right for me?
- How does a reverse mortgage work?
- What kind of reverse mortgage products are available to me?
No Application Fee!