California Reverse Mortgages
 A reverse mortgage in California may be different than a reverse mortgage in other states. California has one of the greatest concentrations of high-value homes in the country. When California reverse mortgages are being considered, homeowners need to be sure that they evaluate one of the many proprietary reverse mortgage 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.
FHA Reverse Mortgages In California
FHA reverse mortgages in California (for most well-populated counties) carries a loan limit of $362,790. That means that any home value above that amount is not considered in determining the amount of money a homeowner can qualify for under a FHA California reverse mortgage. 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 $500,000 or $600,000 as compared to a proprietary reverse mortgage program.
Considering Non-FHA Reverse Mortgage Programs
What is a proprietary (non-FHA) reverse mortgage? The term simply means a reverse mortgage program that is designed and funded by a traditional mortgage lender. Their program usually mimics the FHA California reverse mortgage, but often has a home value limit of $10,000,000 rather than $362,790. 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 $500,000 or $600,000, 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 reverse mortgage in California on a home worth less than $500,000? Yes! You certainly can. But it may not offer as much money as FHA California reverse mortgages. For details on how these facts apply to your reverse mortgage 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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