Reverse Mortgages California

California Reverse Mortgages

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Seniors looking into reverse mortgages in California have a broader array of options than seniors in other states. California has one of the greatest concentrations of high-value homes in the country. When a reverse mortgage in California is being considered, homeowners need to be sure that they evaluate both the FHA program and the many non-FHA programs that FutureSafe Financial provides. We serve all of California, including (but not limited to) Los Angeles, San Diego, San Jose, San Francisco, Long Beach, Fresno, Sacramento, Oakland, Santa Ana, Anaheim, Riverside, San Bernardino and Bakersfield.

For comprehensive reverse mortgage information, please see the links on the right. For a Free Discounted Quote, see below.

FHA Reverse Mortgages In California

FHA reverse mortgages in California (for most well-populated counties) carry a loan limit of $417,000. That means that any home value above that amount is not considered in determining the amount of money a homeowner can qualify for under the FHA program. But, there is an off-setting factor. The loan to value ratio - which is the amount of money available as compared to the home value - is often still the greatest when the home is worth less than $800,000 as compared to a non-FHA program.

Considering Non-FHA Reverse Mortgage Programs

What is a non-FHA (proprietary) reverse mortgage? The term simply means a reverse mortgage program that is designed and funded by a traditional mortgage lender rather than the government. The proprietary program usually mimics the FHA program, but often has a home value limit of $5,000,000 rather than $417,000. The trade off is that their loan-to-value ratio is often more conservative than the FHA program.

Weighing the Options in California

Proprietary California reverse mortgages usually do not make financial sense for homes worth less than $800,000, because they offer less total money than the FHA program. But when the home value exceeds those amounts, then the lack of low limits on the proprietary program makes up for the conservative loan-to-value and it offers more money than the FHA program. But can you get a proprietary program in California on a home worth less than $800,000? Yes, you can. But it may not offer as much money as the FHA program. For details on how these facts apply to your situation in California, please contact us.

California Facts and Information

As of 2006, California had 13,174,378 homes, which includes houses, apartments, and mobile homes. At the same time, there were 3,937,415 California residents over the age of 65. As of 2004, median household income in California was $49,894.

 

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Better Business Bureau

Federal Housing Authority
License #22744-0000-9

California Dept of Real Estate
License #01473796
 

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We specialize in California reverse mortgages for seniors. We serve San Diego, Los Angeles, San Francisco Bay Area and Sacramento. A reverse mortgage is a
great way to take advantage of the equity and savings you have built up in your house. Please contact us for more reverse mortgage information. We provide
reverse mortgages for seniors throughout California as well as free reverse mortgage quotes for you.
Reverse Mortgage Company California