Who qualifies for a reverse mortgage?

To qualify, you must be at least 62, own your home outright or have a low mortgage balance, and live in the home as your primary residence. Lenders and HUD also have additional eligibility requirements.

What are the risks of a reverse mortgage?

Reverse mortgages can reduce the inheritance left to heirs and increase the loan balance over time due to interest and fees. It’s important to understand the terms and plan for future homeownership needs.

REVERSE MORTGAGE

When A History Of Home Ownership Pays Off

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What is a Reverse Mortgage?

If you are 62 or older and own your home, you are uniquely qualified to benefit from a reverse mortgage. This loan program is designed to help qualifying borrowers get access to their equity, stay in their home, and rid themselves of a monthly mortgage payment.*

A reverse mortgage gives you access to the equity that you have built up in your home over the years through principal payments, your down payment, and appreciation. You can receive this equity TAX FREE to use however you want.

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Retirement Funding

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Vacation or Travel

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Investments

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Home Repairs

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Medical Expenses

With a traditional mortgage, you pay a monthly payment to a lender. With a reverse mortgage, the payment is made to you. How would you like to receive your equity? You can choose from these options—or a combination—when accessing your home’s equity:

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One Lump Sum

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Monthly Payments

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Line of Credit

How a Reverse Mortgage works

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With this loan program, you stop making monthly payments on your mortgage. The amount owed then becomes a lien on the property. Any equity that you choose to have paid to you is added to that lien amount, with any interest accrued.

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At the end of the reverse mortgage period, when you no longer occupy the home, the amount owed is either the mortgage balance or the value of the home, whichever is lesser.

older surfing couple happy from reverse mortgage

We’re here to help.

A reverse mortgage can be a powerful tool to give you access to the equity that you have built up in your home over the years. It is not right for everyone, and if your financial goals include paying your mortgage off faster, then this option may not be for you. However, if you have built up equity over the years and you want to get cash from your home or stop paying monthly mortgage payments, then this is an excellent program to consider.

Our expert loan advisors at the JJ Mack Team can sit down and listen to what goals you want to accomplish and help you to determine if a reverse mortgage is the right tool to reach them. Our trusted experts will help you understand your options, and give you all of the information to see if this is the perfect program for you.

*Borrowers will still be responsible for tax, insurance and maintenance of the property. Must be primary residence. All Borrowers must be 62 or older.

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LET'S CHAT

Frequently Asked Questions

Q: How does the CalHFA Dream For All program work for Roseville homebuyers?

The Dream For All program provides shared appreciation down payment assistance that helps eligible Roseville buyers purchase a home with significantly less upfront cash while keeping monthly payments manageable.

Q: Do I have to be a first-time homebuyer to qualify for the Dream For All loan?

Yes, most applicants must meet first-time homebuyer requirements, complete homebuyer education, and work with an approved CalHFA lender familiar with local Roseville guidelines.

Q: Can a local Roseville mortgage lender help me determine if I qualify?

Absolutely. A local Roseville mortgage lender can review your income, credit profile, and purchase goals to confirm eligibility and guide you through the Dream For All application process from start to finish.