California Reverse Mortgages
Call Toll Free: 1-888-644-0189
 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.
Call Toll Free: 1-888-644-0189 to speak with an Advisor.
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