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  • Reverse Mortgages for Seniors

  • Are you a California homeowner aged 62 or older? A reverse mortgage can help you access the equity in your home — without selling or making monthly payments.

  • Reverse Mortgages - An Introduction

     

    A reverse mortgage is a loan that enables homeowners and homebuyers age 62 (55 in some cases) or older to convert some of their home equity into cash or a line of credit. Some loans also let homeowners finance a new home purchase.

    With a reverse mortgage, you make no loan payments.  The monthly interest accrued is tacked onto the backend of the loan.  You continue to live in and own your home.

    Unlike a traditional home equity loan or home equity line of credit (HELOC), you don’t have to repay a reverse mortgage until the home is sold or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home. The homeowners must maintain the condition of the home and stay current with property taxes and hazard insurance.

  • Benefits of a Reverse Mortgage Loan

    A reverse mortgage loan through Janus Mortgage gives you the ability to enjoy financial security, peace of mind, and the ability to remain in your home during your retirement years.

    You have the freedom to use the net proceeds however you deem necessary.

    BenefitDescription
    Tax-free cash Access cash from your home equity without owing income taxes on the proceeds.
    No monthly loan payments You don’t have to make monthly mortgage payments while living in your home.
    Stay in your home Continue living in your home safely and comfortably during retirement.

  • Here Are All of the Things You Could Do With a Reverse Mortgage

    UseDescription
    Supplement retirement income Boost your monthly retirement income to maintain financial security.
    Consolidate debt Pay off existing debts like credit cards or loans.
    Medical care Cover medical expenses, prescription drugs, or in-home care.
    Large or unexpected expenses Handle emergencies or one-time large costs without stress.
    Home improvements Renovate or upgrade your home to increase comfort and value.
    Travel & vacations Visit family, friends, or take dream vacations.
    Gifts for children/grandchildren Provide financial gifts or support special occasions.
    Live comfortably Enhance your lifestyle and enjoy retirement without financial worries.

  • Step-by-Step Process to Get a Reverse Mortgage

    StepWhat You Need to Do
    1. Determine Eligibility Confirm that you are 62 or older and own your home with sufficient equity.
    2. Attend a Counseling Session Meet with a HUD-approved reverse mortgage counselor to review options and understand costs.
    3. Apply with a Lender Submit your reverse mortgage application with Janus Mortgage or another approved lender.
    4. Underwriting & Appraisal The lender reviews your financial documents and conducts a home appraisal to determine loan value.
    5. Loan Approval Once approved, you receive loan terms and closing disclosure for review.
    6. Closing Sign the loan documents, pay any required fees, and finalize the reverse mortgage.
    7. Receive Funds Access your loan proceeds as a lump sum, line of credit, monthly payments, or a combination.

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  • Reverse Mortgage Frequently Asked Questions

     

    What is a reverse mortgage?

    A reverse mortgage allows homeowners age 62 or older to convert a portion of their home equity into cash without making monthly mortgage payments. The loan is repaid when the home is sold, the borrower moves out, or passes away.

    Do I still own my home?

    Yes. You remain the owner of your home and keep the title, just like with a traditional mortgage.

    Do I have to make monthly mortgage payments?

    No monthly mortgage payments are required as long as you live in the home, maintain it, and keep property taxes and insurance current.

    Who qualifies for a reverse mortgage?

    At least one borrower must be 62 or older, live in the home as a primary residence, and have sufficient home equity. The home must meet FHA property standards.

    What can I use the money for?

    You may use the funds for any purpose — supplement retirement income, pay off debt, cover medical expenses, improve your home, or travel.

    How do I receive the money?

    You can choose a lump sum, monthly payments, a line of credit, or a combination depending on your financial goals.

    When does the loan need to be repaid?

    The loan becomes due when the home is sold, the borrower moves out permanently, or the last borrower passes away.

    Will my heirs owe more than the home is worth?

    No. Reverse mortgages are non-recourse loans. Your heirs will never owe more than the home’s value.

    Is counseling required?

    Yes. HUD requires all borrowers to complete an independent counseling session before applying.

    Does a reverse mortgage affect Social Security or Medicare?

    No. Reverse mortgage proceeds are not considered taxable income and generally do not affect Social Security or Medicare benefits.