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On the Home page we will list the various types of Reverse Mortgages available to California Senior Citizens and discuss how they work. 

To get a quote of costs and benefits click "Get A Quote". 

E-mail  your Date of Birth, Zip Code, & Estimated Property Value. 

We respond by e-mail. Include a Phone # if you want a return call. Inquire anonymously if you wish.

Benefit Determination

Benefits are determined by a combination of factors.

(A) The Senior Citizens attained Age.

(B) The Appraised Value of the property.

(C) The maximum HUD/FHA Loan Limit in your County.

If your appraised value exceeds the HUD/FHA maximum loan for your county your benefit is calculated using the FHA Maximum rather than the true appraised value. For Instance, in San Francisco the FHA Maximum is $362,790.00 while in Susanville the maximum is  $200,150.00.

(D) The Senior Citizens statistical life expectancy.

FHA/HUD Insured Monthly  Home Equity Conversion Mortgage

    All FHA Reverse Mortgages are adjustable rate. The FHA/HUD Monthly Reverse  Mortgage has an interest rate that floats 1.0% above the One Year Treasury Bill Index. Monthly refers to the period of interest rate adjustment. This is the most widely used Reverse Mortgage Plan because it has the lowest interest rate and provides the largest benefit to the Senior Citizen.  Benefits may be taken in the form of a guaranteed for life Monthly Income, a Line of Credit, a Lump Sum at closing or a combination of the preceding. There is a great deal of flexibility in how the benefit is taken.  Call 800-481-9999 with specific questions.

FHA/HUD Insured Annual Home Equity Conversion Mortgage

    This plan has an annual interest rate adjustment and an annual interest rate cap of 1.00% up or down. The annual Reverse Mortgage floats 2.60% above the One Year Treasury Bill Index. The initial interest rate is 1.6% higher than the Monthly Adjustable FHA/HUD Insured Reverse Mortgage discussed above. Because of the higher Interest rate this loan provides a smaller benefit than the monthly.

F.N.M.A.  (Fannie Mae) "Homekeeper" Reverse Mortgage.

    The "Homekeeper" Reverse mortgage is similar to the FHA/HUD Monthly. It has an interest rate that floats 3.40% above the One Month Certificate of Deposit Index.  Because Fannie Mae Loan limit is the same for the entire country this loan is sometimes used on higher priced properties located in Counties that have a low FHA maximum loan amount.  The limit is currently $417,000.00.

Conventional "Jumbo" Reverse Mortgage

    This loan is designed for Seniors who own homes worth $750,000.00 and up. It is not a Government insured loan. This loan does have a "Zero Point" option. That means lower closing costs for the senior citizen. It also carries a higher interest rate. The loan is indexed to the Six month L.I.B.O.R. Index (London Interbank Offering Rate) which is similar to our Federal Funds Rate or Discount Rate. The interest rate floats 3.50% over the index.  This loan is sometimes used for quite elderly Seniors because it is has the lowest closing costs. The interest rate is usually about 2.50% higher than the rate charged on the Monthly FHA/HUD Reverse Mortgage.

Call 800-481-9999 ext 118 with specific questions.