Many Financial Options for Cali Senior Homeowners

California is a huge state and for that reason borrowers have access to a long list of lenders. You’ll find many that handle a wide variety of financial products as well as those that specifically handle mortgages, including reverse.

FHA Loan Limits in California

The FHA administrates a large chunk of the housing market across the country and in combination with HUD makes homeownership affordable. The FHA sets county limits on mortgage lending, figures key to new mortgages as well as reverse mortgage borrowers. In California property values are some of the highest in the country and FHA limits reflect that.

California Federally Insured Reverse Mortgages

HUD Home Equity Conversion Mortgages are very common, but could be out of reach for homeowners with exceedingly high home values like those in some areas of California. Senior borrowers looking to explore a HECM, find HUD-approved lenders directly through HUD’s website. There are many to choose from.

Low-Cost Single Purpose California Reverse Mortgages

For low-income seniors California is one of about two-dozen states that provides a formal property tax deferral program. The California Property Tax Postponement for Senior Citizens program features similar requirements as the HECM: borrowers must be 62 or older, have limited or no income or be disabled and remain living in the home. Property tax payments are made in the name of the borrower and this “loan” is based on home equity value. The loan or PTD, plus all interest, comes due when the borrower dies or leaves the home permanently.

Reverse Mortgage Specialists in California

All Access Reverse Mortgage

This company specializes in lending a wide variety of reverse mortgage products. They boast one of the highest volumes of Bank of America reverse mortgages and also offer all versions of the federally insured Home Equity Conversion Mortgage (HECM), and extend the reverse mortgage products of many other leading companies. Customers get one-on-one service with All Access and because they are able to offer so many varieties of loans they are able to ensure you the optimum fit for your financial services.

American Senior Funding

American Senior Funding specializes in reverse mortgages for seniors, but borrowers may also use the company’s website resources to learn all about reverse mortgages and other financial information specifically targeted to seniors. The company is one of the smaller lenders and focuses on customers in California. You’ll find a number of leading reverse mortgages and American Senior Funding is an FHA-approved HECM lender.

Bank of America

Bank of America provides reverse mortgages to customers across the country and is recognized as one of the leading retail banks. BOA offers the very popular Home Equity Conversion Mortgage (HECM), but homeowners in homes with very high value may be better suited to the Senior Equity Reverse Mortgage Platinum. An additional feature of the Senior Equity mortgage is an equity reserve—customers that wish to safeguard a percentage of equity for future heirs may opt to do so.

Golden Empire Mortgage

This west-coast direct mortgage lender believes it has the flexibility to offer very affordable rates to reverse mortgage customers. You’ll find nine branch offices throughout California and you’ll get one-on-one service to help you choose the reverse mortgage product that’s right for your needs and future goals.

Metrocities Mortgage

Metrocities Mortgage specialists offer one-on-one service to customers in California. Choose from a number of independent brokers and loan officers and gain access to a wide range of borrower information specially designed for California reverse mortgage clients.

New Horizons Reverse Mortgage

This California-based company is FHA-approved and specializes in providing California seniors with the very popular Home Equity Conversion Mortgage (HECM).