Find Reverse Mortgage Specialists in Fontana, CA
Looking for a reverse mortgage specialist in Fontana? Review the directory below to compare your options.
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State Mortgage Licensing Authority of California before hiring.
Showing 2 reverse mortgage specialists in Fontana, CA
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A reverse mortgage specialist in Fontana, California helps homeowners aged 62 and older convert home equity into tax-free funds. California law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Fontana residents can use these funds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Fontana Cost?
Typical costs for a reverse mortgage in California include an origination fee up to $6,000, third-party fees (appraisal, title, escrow) ranging from $2,000 to $5,000, and mortgage insurance premiums (2% upfront plus 0.5% annually). Closing costs often total 2% to 5% of the home value. Costs vary by lender and loan type. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Fontana?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and meet HUD property standards. California law also requires a financial assessment to ensure you can pay property taxes and insurance.
How does California law affect reverse mortgage proceeds?
Reverse mortgage proceeds in California are generally tax-free and do not affect Social Security or Medicare benefits. However, they may impact Medi-Cal eligibility if proceeds are not spent within the same month. California also has a three-day right of rescission after closing.
Can I lose my home with a reverse mortgage in Fontana?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. California law requires lenders to provide annual statements and a notice of default before foreclosure. You must also continue living in the home as your primary residence.