California Reverse Mortgage

California Reverse Mortgage for Seniors 62 and Older

A California reverse mortgage lets homeowners 62 and older convert home equity into cash — with no monthly mortgage payments required. You retain title to your home and continue living in it. The loan is repaid when you sell, move out, or pass away.

We originate reverse mortgages in California and five other directly licensed states: Colorado, Oregon, Washington, Texas, and Idaho.

Why California Seniors Are a Strong Fit for Reverse Mortgages

California has more residents 65 and older than any other state — approximately 5 million and growing. And unlike senior populations in lower-cost states, California’s seniors have accumulated enormous home equity.

The equity picture:

• California’s median home price consistently ranks among the nation’s highest
• Coastal markets — Los Angeles, Orange County, San Diego, San Francisco Bay Area, Santa Barbara — routinely price single-family homes at $1.5M–$3M+
• Many long-time homeowners purchased decades ago at a fraction of today’s value and have $1M–$2M in equity with no mortgage remaining

That equity concentration makes a reverse mortgage particularly powerful for California seniors who are house-rich and cash-constrained.

Proposition 13 advantage: California’s Prop 13 (1978) locks property tax increases at 2% per year for as long as you own the home. A reverse mortgage does not trigger reassessment — you retain ownership, so your existing low property tax bill stays intact. For long-time California homeowners with Prop 13-protected rates far below current market equivalents, this significantly reduces the carrying cost of remaining in the home.

HECM vs. Jumbo Reverse Mortgage in California

The HECM (Home Equity Conversion Mortgage) is the FHA-insured standard reverse mortgage — the most widely available option nationwide. But it has a lending limit.

For California’s coastal and urban markets, the HECM lending limit is a real constraint. A home worth $2M can only generate a HECM loan based on $1,249,125 in value — leaving significant equity inaccessible under a standard HECM. Jumbo proprietary reverse programs are designed specifically for this scenario and are frequently used in California’s luxury and near-luxury markets.

How You Can Receive the Funds

Reverse mortgage borrowers choose how they want access to their equity:

• Lump sum — all proceeds at closing (fixed-rate HECM only)
• Monthly payments — tenure (for life) or term (set number of years)
• Line of credit — draw funds as needed; unused line grows over time
• Combination — any mix of the above

The amount available depends on your age, current interest rates, and home value. Older borrowers with higher-value homes and lower rates generally access more.

California Retirement Markets We Serve

We work with California senior homeowners across the state, including:

• Los Angeles and the Westside — Brentwood, Pacific Palisades, Bel Air, Santa Monica, Malibu, Manhattan Beach
• Orange County — Newport Beach, Newport Coast, Laguna Beach, Dana Point, San Clemente
• San Diego — La Jolla, Del Mar, Rancho Santa Fe, Coronado, Carmel Valley
• San Francisco Bay Area — Palo Alto, Atherton, Menlo Park, Saratoga, Los Altos Hills
• Central Coast — Santa Barbara, Montecito, Carmel-by-the-Sea, Pacific Grove, San Luis Obispo
• Inland and desert retirement — Palm Springs, Palm Desert, Indian Wells, Rancho Mirage

Reverse Mortgage Requirements

To qualify:

• Age: Youngest borrower must be 62 or older (some jumbo programs start at 55)
• Primary residence: You must live in the home as your primary residence
• Equity: Substantial equity required — most borrowers own free and clear or have a small remaining balance
• HUD counseling: Required for HECM loans before application
• Property taxes and insurance: Must remain current
• Property types: Single-family homes, 2–4 unit (owner-occupied), HUD-approved condominiums, and manufactured homes meeting FHA standards

Frequently Asked Questions

Get Started

← Back to California Mortgage Programs · Reverse Mortgage Program Overview →

1st Nationwide Mortgage, NMLS 1281. Reverse mortgages subject to borrower qualification, HUD counseling, property appraisal, and program availability. HECM loans are FHA-insured. Jumbo proprietary reverse mortgages are not FHA-insured; terms differ. Not all applicants will qualify. This is not a commitment to lend. Available in California, Colorado, Oregon, Washington, Texas, and Idaho only.