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 income or credit is required to qualify?
Because there are no monthly principal and interest payments required, qualifying is simpler than a traditional mortgage, but lenders still complete a financial assessment. They check that you have a history of paying your property taxes and homeowners insurance on time and enough verifiable income (or assets) to meet FHA residual income guidelines for your area and household size.
Does my condominium qualify for a reverse mortgage?
Yes, in many cases. For an FHA HECM reverse mortgage, the condominium complex must either be HUD-approved or qualify for an FHA Single-Unit Approval (“spot approval”). If your condo building is not FHA-approved, our private proprietary reverse mortgages (for homeowners 55+) often allow condos to qualify without FHA project approval.
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. Both HUD and the State of California require independent third-party counseling before any reverse mortgage application. In California, there is also a mandatory waiting period after you complete counseling before a complete loan application can be taken or any fees can be charged, giving you time to review your options comfortably.
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.
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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
These materials are not from HUD or FHA and were not approved by HUD or a government agency. Information is general and not legal, tax or financial advice. Counseling is required before applying for a reverse mortgage.