Reverse Mortgages in California
If you’re a California homeowner 62 or older, a reverse mortgage could be the key to financial freedom. Also known as a Home Equity Conversion Mortgage, this allows you to tap into your home’s equity without monthly mortgage payments. Whether your home is paid off or has a small balance, a reverse mortgage might be right for you.
The beauty of a reverse mortgage is its flexibility. As long as you live in your home, you won’t have to make monthly payments. The loan becomes due if you sell your home, move out or pass away—giving you peace of mind and freedom to focus on what matters most.
Reverse Mortgage Request
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A reverse mortgage is a loan for homeowners 62 and older that lets you borrow against your home’s value without making monthly payments. The loan gets paid back when you sell the home, move out, or pass away.
When the homeowner passes, the loan doesn’t just transfer to their heirs. Instead, the heirs have two options:
- Refinance the loan into their name (get a new loan).
- Sell the property and use the money to pay off the reverse mortgage.
Here’s how much time heirs typically have:
- 6 months to refinance or sell the home.
- Up to 12 months (with 3-month extensions) if they’re working on selling the home.
If they’re selling, the lender may ask for proof that the home is listed for sale and see progress during this time. Staying in contact with the lender is really important to avoid issues.
In simple terms, a reverse mortgage helps homeowners use their home’s value now, but when they’re no longer living in the home, the loan needs to be repaid—either by refinancing or selling the house.
Refinancing Reverse Mortgages for Heirs in California
California Hard Money Direct offers funding in order to refinance reverse mortgages for surviving Heirs in California. In many cases, a family member suddenly finds themselves inheriting a property with a reverse mortgage in place. They quickly learn they have limited time in which to get the reverse mortgage paid off using the services of a hard money lender. It would be next to impossible to refinance a reverse mortgage utilizing the services of a conventional lender or credit union. It is typically impossible because institutional type lenders and credit unions will not provide a loan to an individual whose name is not on the title of the property.
California Hard Money Direct has been named many years running as one of the most trusted lenders in California. We offer extraordinarily competitive rates, speedy approval, funding times, and no-nonsense straightforward service. California Hard Money Direct has a well-established track record with the ability to fund a myriad of hard money loan types. Contact California Hard Money Direct to get started on your hard money reverse mortgage refinance today.
California Hard Money Direct can refinance reverse mortgages for Heirs in all of California. Including but not limited to Los Angeles, San Francisco, Ventura County, Orange County, Riverside County, Sacramento, and more.
Information on Reverse Mortgages for Heirs in California
Steps Heirs Can Take to Refinance a Reverse Mortgage
Most typical conventional lenders are not in a position nor have interest in offering a refinance of a reverse mortgage. As such, surviving family members are left with just a few options. The easiest and quickest option is pursuing assistance via a hard money lender. As a premier hard money lender, we are able to refinance a reverse mortgage in California usually in just a matter of days. The hard money lenders make a loan to the estate. The next step is for the heir to assume the loan and personally guarantee it. When these steps have been completed the official title to the property will then be in the name of the heir. Once this is completed, it puts the heir in a position to be able to move forward with a bank or credit union in order to get a conventional loan at a much lower rate. The process described above is just the vehicle allowing the final step to actually be possible.
A reverse mortgage refinance utilizing a hard money lender most often can be fully funded within 7 to 10 days. Timing with reverse mortgages is particularly critical. Often times the surviving heirs find themselves facing foreclosure proceedings. The foreclosure is initiated by the existing reverse mortgage lender. This occurs through no fault of their own. But nevertheless, they have strict time frames in which to get the refinance done. This is where the hard money lender oftentimes swoops in to save the day.
If you are looking for a reverse mortgage in California, please select from the following options:
- If You Inherited a Home and Need to Refinance Out of a Reverse Mortgage, Click Here
- If You Are Refinancing a Primary Residence, Click Here
- If You Are Refinancing a Residential Investment Property, Click Here
- If What You Need is Not On This List, Click Here
Reverse Mortgages in California
California Hard Money Direct can help surviving heirs in California with refinancing a reverse mortgage with loan amounts from $50,000 to $20 million.
Recently Funded Reverse Mortgages in California
Read what other borrowers have to say about working with our California reverse mortgage lenders
Anthony Jackson
Thank you Judy for your great service. And putting in all the long hours and hard work to get me approved for my loan. I highly appreciate all you’ve done for me and look forward to doing more business with you in the future. If you have a complicated loan situation Judy/California hard money will make it happen for you no doubt about it.
Michelle Beach
California Hard Money Loans was so easy. Judy was super helpful and made the process so smooth. Can’t wait to do my next loan.
Patti C.
Thank you Judy for being so professional and knowledgable and making the process go so smoothly!!
