Do I give up ownership of my home?
No. You keep title. The loan is repaid when the last borrower leaves the home.
Do I have to make payments?
No monthly mortgage payment is required. You must keep paying property taxes, homeowners insurance, HOA dues if any, and upkeep, or the loan can go into default.
What happens when I pass away?
Your heirs can sell the home, or pay off the loan and keep it. With non-recourse protection they never owe more than the home is worth.
Is counseling required?
Yes. California requires independent counseling before any reverse mortgage application, and so does HUD for HECMs.
Can my spouse stay in the home?
With an FHA HECM, an eligible non-borrowing spouse who is named at closing and lives in the home can generally stay after the borrower dies, as long as the home remains their principal residence and taxes, insurance and loan terms are kept up. They do not receive further loan payments. Private (proprietary) reverse mortgages set their own spouse rules, which vary by lender. The simplest protection is often to have both spouses on the loan when eligible.
How young can I be?
62 for an FHA HECM. Some private jumbo/proprietary reverse mortgages, and the Reverse Equity Advantage option, start at 55 in California.
Will it affect Social Security or Medicare?
Generally no. Need-based benefits such as Medi-Cal/SSI can be affected. Ask your advisor.
Do you charge for the consultation?
No. We don’t charge up front for any consultation.
Book Your Appointment Online Send Us a Message
Wymac Capital, Inc. · 346 Rheem Blvd #107, Moraga, CA 94556 (by appointment only) · Call or text 925-885-1919 · Main office 925-937-4300 · info@wymac.com
Real estate broker, California Department of Real Estate, License #01121628 · NMLS #18766 · DRE license information · NMLS Consumer Access · Equal Housing Opportunity
The site’s existing HUD/FHA footer disclaimer appears on every page. Information is general and not legal, tax or financial advice. Counseling is required before applying for a reverse mortgage.