Reverse mortgages for California homeowners
Stay in the home you love.
Explore how a reverse mortgage can help you access home equity in retirement. Understand the options and ongoing responsibilities before you decide.
The California Homeowner's Guide to Reverse Mortgages
Learn how reverse mortgages work and what to consider before you decide.
- How a HECM actually works (in plain English)
- What you keep, what changes, what your heirs inherit
- Common questions about ownership and repayment
- Worksheet: is this the right move for your situation?
No obligation. No sales pressure. We'll send the guide and a short follow-up — that's it.
How home equity can work for you.
A reverse mortgage (officially a HECM — Home Equity Conversion Mortgage) is a federally-insured loan available to homeowners age 62 and older. Instead of you paying the bank each month, the bank pays you. For homeowners as young as 59, jumbo "proprietary" reverse programs offer a similar structure without FHA insurance.
You can receive the funds as a lump sum, monthly payments for life, a line of credit you draw from when needed, or any combination. The loan doesn't have to be repaid until you sell the home, move out permanently, or pass away. Your heirs inherit the home with the option to keep it (by refinancing) or sell it.
You keep the title. You keep living in your home. There is no required monthly mortgage payment. The proceeds are not taxed.
Who may qualify?
The HECM program is designed to be accessible. There is no minimum income requirement, no minimum credit score, and you don't need to be working. If you meet the basic criteria, you very likely qualify.
See If I Qualify →- You (or one spouse) are at least 59 years old (the FHA-insured HECM requires 62; jumbo programs start at 59)
- The home is your primary residence
- You own the home outright, or have a low remaining mortgage balance
- The property is a single-family home, 2-4 unit (you occupy one), HUD-approved condo, or FHA-approved manufactured home
- You can continue paying property taxes, insurance, and basic maintenance
- You complete a free HUD-approved counseling session
Four steps to get started.
The process includes required, independent HUD-approved counseling before you submit a final application.
Free consultation
We meet with you (and your family if you'd like) to understand your situation and answer every question. No commitment.
HUD counseling
Federal law requires you to speak with an independent, HUD-approved counselor. We help you book it. They protect you.
Application & appraisal
We collect your documents and order the FHA appraisal. Most of this can be done from your home or by phone.
Close & receive funds
You sign closing documents at home or anywhere you're comfortable. Funds typically arrive within 3 business days.
Ways to use your home equity.
There's no single "right" reason to use a reverse mortgage. Here are the ones we see most often.
Eliminate your mortgage payment
Pay off your existing mortgage with the reverse mortgage proceeds and free up hundreds or thousands of dollars a month. The most common use, by far.
Supplement retirement income
Choose monthly payments for life from the reverse mortgage. A reliable income floor on top of Social Security and savings.
Standby line of credit
Open a HECM line of credit you may not need today — but it grows over time and protects you against future market downturns or healthcare costs.
Pay for in-home care
Stay in your home rather than moving to assisted living. Use reverse-mortgage proceeds to pay for in-home caregivers, modifications, or family help.
Help children or grandchildren
Help a child with a down payment on their first home or fund a grandchild's college education — without touching your retirement accounts.
HECM for Purchase
Use a reverse mortgage to buy a new primary residence — downsize, relocate to a one-story home, or move closer to family — with no monthly payment on the new home.
Common reverse mortgage myths.
Reverse mortgages have been around since 1961 and HUD-insured since 1989. The product today is one of the most heavily-regulated mortgages in America. Here's what's actually true.
"The bank will own my home."
You retain full title and ownership of your home. The reverse mortgage is a lien against the property, just like any other mortgage. You can sell, refinance, or transfer your home at any time.
"My heirs will be stuck paying off my debt."
A HECM is a non-recourse loan. Your heirs are never personally liable for the balance — even if the home's value falls below it. They simply choose to keep the home (by paying or refinancing) or sell it and keep any equity above the loan balance.
"I could be forced to leave my home."
You can live in your home as long as you want, as long as you keep current on property taxes, homeowner's insurance, and basic home maintenance. There is no time limit on the loan.
"It's only for people who are desperate."
Financial planners increasingly recommend reverse mortgages as a strategic retirement tool — even for affluent retirees. The line of credit option, in particular, grows over time and can serve as protection against market downturns.
"The reverse mortgage proceeds will be taxed."
Reverse mortgage proceeds are loan advances, not income. They are not taxable and do not affect Social Security or Medicare benefits. (Always confirm with your tax advisor for your specific situation.)
Reverse mortgage questions.
How much money can I receive from a reverse mortgage?
What happens if I outlive the loan?
What if my home is worth less than the loan when I pass away?
Can my spouse stay in the home if I pass away first?
Do I still pay property taxes and insurance?
Will a reverse mortgage affect my Social Security or Medicare?
What are the fees and costs?
Can I change my mind after I close?
What our clients say.
Client feedback previously published by Del Financial. Names are abbreviated for privacy.
Sandra described a positive mortgage experience, consistent progress updates, and satisfaction with the interest rate she received.
Jeff reported working with Randy for two decades and praised his ability to manage refinances on time and seamlessly.
Lee described Randy as a true professional with strong follow-up who made the loan process feel simple and quick.
Meet Randy Evans.
Reverse mortgages aren't a side product for us — Randy has specialized in them since 1998. He takes his time. He doesn't rush you. And he's happy to include your adult children on any call.
Founded Del Financial in 1981 and added reverse mortgages to the practice in 1998. He's guided California families through them ever since.
Talk through your questions.
Call (949) 449-1889 to talk it through, or request the free guide above. Family members are always welcome on the call — we encourage it.