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What is a Reverse Mortgage Loan?

In today’s economic climate, many elderly homeowners are adopting a reverse mortgage as a means of improving their income as they age. A reverse mortgage is a special type of mortgage in which the homeowner uses the equity in their property to create income. 

The lender usually sends monthly payments, and the homeowners don’t have to pay the loan until they die, sell, or the house is no longer their primary residence. A home equity conversion mortgage is another name for a reverse mortgage.

According to California law, homeowners must be 62 years old or older, inhabit the property as their primary residence, and own the home outright or have considerable equity in it to qualify for a reverse mortgage. A monthly payment, a line of credit, or a combination of these alternatives are available to the borrower.

Mortgage Refinance interest rates are affected by a borrower’s financial credentials.

To get a personalized quote, Phone 818-921-7053, Email: or
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Reverse Mortgage Funding for Every Client

Your home is likely your most valuable asset. As you age and become a senior citizen in need of access to funding, using your home as a means to improve your income is a wise decision. At CalSun Mortgage we help senior borrowers receive the financial aid they need with a unique reverse mortgage loan catering to their needs. 

CalSun Mortgage is determined to provide every borrower with the quick funding, easy approvals, low reverse mortgage rates and translation tansperacy they need. We strive to make your mortgage journey as streamlined as possible.

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Efficiency, Simplicity, and Friendly Professional Service are the pillars and core of our organization. We are committed to deliver what we promised.

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In October 2017, the Department of Housing and Urban Development (HUD) changed the insurance costs for reverse mortgages. Because lenders cannot demand payment from homeowners or their heirs if the loan total exceeds the home’s worth, insurance premiums create a reserve from which lenders can draw to avoid losing money in this situation.

The amount of money you get from a reverse mortgage is determined by the lender and your payment schedule. The amount you can borrow with a HECM is determined by the age of the youngest borrower, the interest rate on the loan, and the lesser of your home’s appraised value or the FHA’s maximum claim amount, which is $822,375 as of January 1, 2021.

You can’t, however, borrow 100% or even close to 100% of the value of your home. The loan’s expenditures, such as mortgage premiums and interest, must be paid with a portion of your home equity.

It’s important to have a strategy in place for dealing with your reverse mortgage loan after you pass away. Family members must also be aware of their alternatives for keeping the residence, as well as their financial obligations. Depending on how much equity you have in your home and whether you want the house to stay in your family after you die, repaying the loan can be complicated.

Yes. Refinancing a reverse mortgage is possible if it has been at least 18 months since the original reverse mortgage was closed. Refinancing a reverse mortgage should be held for circumstances where a spouse has to be added to the loan, greater equity is needed, or the interest rate was significantly reduced.

A reverse mortgage and a home equity loan both use the equity you’ve built up in your home to provide you access to funds. A home equity loan is different because you need to make regular monthly interest and/or principal payments. With a reverse mortgage, on the other hand, you don’t have to make any monthly mortgage payments as long as you live in the house.

With a reverse mortgage, you can live in and have ownership of your home without having to make monthly mortgage payments. Until you permanently leave the home, you are not required to repay the reverse mortgage loan or make any monthly mortgage payments.

The money you get from a reverse mortgage is also usually tax-free and will not affect your Social Security or Medicare benefits because it is not considered income. You can also use this money as you please.

There are no restrictions on how you can utilise the money, including daily living expenses, home remodelling costs, healthcare costs, paying off current debts, postponing receipt of social security income, assisting loved ones, or just increasing your retirement years.

For many people, the money serves as a financial safety net in case of unforeseen financial needs.

First and foremost, the reverse mortgage must be secured against the borrower’s primary residence, which is the home where they spend the majority of their time (typically six months or more). The majority of reverse mortgages are taken out on single-family houses with only one unit. 

Most programs also allow two- to four-unit structures as long as the borrower owns and occupies one of the units. Reverse mortgages are often not available for mobile homes or cooperatives.

Helped to over 3000 borrowers to purchase and refinance their dream homes.

To get a personalized quote, Phone 818-921-7053, Email: or
Apply Now

People Are Saying

Evan Mathis
Evan Mathis
West Hills , CA
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If you're looking to get a reverse mortgage loan, I highly recommend CalSun. Their customer service has been excellent and they offer competitive rates.
Diane Russel
Diane Russel
Valley Village, CA
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I am a senior citizen and decided to get a reverse mortgage loan with CalSun Mortgage. I did my research and found out that CalSun has the best rates and the most affordable fees in the market. They really helped me out of a tight spot and I can't thank them enough for that!
Boris Underwood
Boris Underwood
Canoga Park, CA
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CalSun Mortgage is great. They were able to give me a reverse mortgage loan that allowed me to finally retire on my own terms. My monthly payments are now lower than my rent, and I don't have to worry about anything anymore. I can just enjoy the rest of my life without any worries!
Joe Nolan
Joe Nolan
N. Hollywood, CA
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I want to thank CalSun Mortgage for helping me turn my home equity into cash. They set up an escrow account for me and took care of all the paperwork, so it was as easy as filling out the application and signing the documents. Getting a reverse mortgage loan is so easy with CalSun.
Gabriella May
Gabriella MayRiverside, CA
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After hearing about reverse mortgages for the first time, I was hesitant to apply. I visited with a CalSun Mortgage loan officer and they explained the whole process in detail. Now I'm confident to go ahead and apply for one.
Nathan McGarner
Nathan McGarnerSan Diego, CA
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I am a senior and I recently took out a reverse mortgage and was pleased with the process, as well as the guidance of my CalSun representative. They were very thorough, answered any questions I had clearly and helped me understand my options. I'm glad I used them to help with my financial future!

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