Reverse Mortgage — California
Turn Your Home Equity Into Tax-Free Income — No Monthly Payment Required
California homeowners 62+ can access their home equity without selling, without monthly mortgage payments, and without giving up ownership. Brooks Mortgage is your California reverse mortgage specialist.
What Is a Reverse Mortgage?
A reverse mortgage is a government-insured loan that allows homeowners 62 or older to convert a portion of their home equity into cash — as a lump sum, monthly payments, or a line of credit. Unlike a traditional mortgage, you make no monthly payments. The loan is repaid when you sell the home, move out, or pass away. You retain full ownership of your home throughout.
How It Works
Free Consultation
We review your age, home value, existing mortgage balance, and goals to determine your available equity and loan options.
HUD Counseling
Federal law requires a session with an independent HUD-approved counselor. We provide the approved list and help you schedule.
Application & Appraisal
We submit your application and order an FHA appraisal to establish the home's current market value.
Underwriting & Approval
The lender verifies your financial assessment (income, credit, property charges) and issues final approval.
Closing & Disbursement
You choose your payment option — lump sum, monthly payments, line of credit, or a combination — and funds are disbursed.
How You Can Receive Your Money
Lump Sum
Receive all available proceeds at closing. Available only with a fixed-rate HECM. Best for paying off an existing mortgage or large one-time expense.
Monthly Payments
Receive equal monthly payments for a fixed term or for as long as you live in the home (tenure). Provides predictable supplemental income.
Line of Credit
Draw funds as needed up to your available limit. Unused portions grow over time at the same rate as the loan — a powerful feature unique to reverse mortgages.
Combination
Combine a line of credit with monthly payments, or take a partial lump sum at closing and keep the rest as a line of credit.
Eligibility Requirements
- Age 62 or older (all borrowers on title)
- Primary residence only — must be your main home
- Sufficient home equity (typically 50%+ equity)
- Single-family homes, 2–4 unit properties (owner-occupied), FHA-approved condos, manufactured homes on permanent foundations
- Must complete HUD-approved counseling session
- Must continue paying property taxes, homeowners insurance, and HOA dues
- Financial assessment: income and credit reviewed (no minimum score)
- Home must meet FHA minimum property standards
Types of Reverse Mortgages
HECM (Standard)
FHA-insured, most common
The federally insured Home Equity Conversion Mortgage. Loan limits up to $1,209,750 in 2025. Non-recourse — you or your heirs will never owe more than the home is worth.
Jumbo / Proprietary
For high-value California homes
Private reverse mortgages for homes above the HECM limit. Available to borrowers as young as 55 in California. Loan amounts up to $4 million on high-value properties.
HECM for Purchase
Buy a new home, no monthly payment
Use a reverse mortgage to purchase a new primary residence. Combine your down payment with HECM proceeds to buy the home you want — with no monthly mortgage payment.
Why Brooks Mortgage
A Reverse Mortgage Specialist Who Puts Your Interests First
Reverse mortgages are complex — and the wrong advice can be costly. Isaac Brooks (MLO NMLS #485765) takes the time to explain every option, model multiple scenarios, and make sure a reverse mortgage is truly the right fit for your situation. As an independent broker, Brooks Mortgage is not tied to one lender's products — we find the best terms available for your home and goals.
Independent Broker
Access to multiple HECM and jumbo reverse lenders
NMLS #1608346
Licensed California Finance Lender (CFL)
Cerritos, CA
Serving all of Southern California and beyond
Reverse Mortgage FAQs
Common questions from California homeowners considering a reverse mortgage.
Explore Reverse Mortgage Topics
Get Your Free Reverse Mortgage Consultation
No obligation. We'll explain your options, model your available equity, and answer every question — at no cost.
Personalized for you
Get Your Personalized Mortgage Rate
Every borrower is different. Tell us about your scenario and we'll compare programs and rates tailored to you — no obligation.
- Compare multiple loan programs side by side
- Review interest rate, APR, points, and monthly payment
- Speak directly with an experienced mortgage broker
Specialized programs available