Reverse Mortgages for Homeowners 62 and Older
Convert home equity into tax-free funds without monthly mortgage payments. Available to homeowners 62 and older. FHA-insured HECM and proprietary jumbo options.
Overview
Many Bay Area homeowners have most of their net worth in their house. A reverse mortgage lets homeowners 62 and older draw on that equity as a lump sum, monthly payments or a line of credit, with no monthly mortgage payment required for as long as they live in the home and keep up taxes, insurance and maintenance. We offer both the FHA-insured HECM and proprietary jumbo reverse programs for higher-value homes.
A reverse mortgage lets homeowners 62+ access their home equity as a lump sum, line of credit, or monthly payments — with no required monthly mortgage payments. The loan is repaid when you sell, move, or pass away. FHA-insured HECM programs and proprietary jumbo reverse options available.
Program Features
- No monthly mortgage payments required
- FHA-insured HECM programs
- Proprietary jumbo reverse options
- Lump sum, line of credit, or monthly payment disbursement
- Non-recourse — never owe more than home value
- Remain in your home with title in your name
Ideal For
Homeowners 62+, retirees supplementing income, seniors eliminating existing mortgage payments, and estate planning strategies.
How a reverse mortgage works
Instead of you paying the lender, the lender pays you, and the balance grows over time. The loan is repaid when the last borrower leaves the home, usually from the sale proceeds. It is a non-recourse loan: you or your heirs never owe more than the home is worth. You keep title. Proceeds are generally not taxable income, though you should confirm with your tax advisor.
HECM vs. jumbo reverse
The HECM is FHA-insured with a federal lending limit and requires HUD counseling before application. Proprietary jumbo reverse mortgages lend on home values above the HECM limit, common in the East Bay, and some are available from age 55 in certain states. Each has different costs and draw options; we compare both for your home and goals.
Is it right for you?
A reverse mortgage can fund retirement income, pay off an existing mortgage to eliminate the payment, cover in-home care, or serve as a standby line of credit. It reduces the equity left to heirs. We walk through the numbers with you and, if you like, with your family or financial advisor, and we will tell you if a HELOC or a downsizing plan is the better fit.
Reverse Mortgage Loan FAQs
Who qualifies for a reverse mortgage?
Homeowners 62 and older (55+ on some proprietary programs) who live in the home as their primary residence and have sufficient equity. Credit and income are reviewed to confirm you can keep up taxes and insurance.
Do I still own my home?
Yes. You keep title. The lender holds a lien, just like a regular mortgage.
Can I lose my home?
The loan becomes due if you move out permanently, sell, or fail to pay property taxes and insurance or maintain the home. Otherwise you can stay for life.
What happens to my heirs?
They can keep the home by paying off the balance (often by refinancing) or sell it and keep any equity above the balance. They never owe more than the home is worth.
Is HUD counseling required?
Yes for a HECM, before you apply. It is a short session with an independent counselor and we help you schedule it.
Programs, terms and eligibility vary by lender and are subject to credit approval. This is not a commitment to lend. SiFi Lending is a mortgage broker (Simonich Financial, Inc., NMLS #2563307); we arrange loans, we do not make loans. Equal Housing Opportunity.