Elk Grove California Reverse Mortgage

Your Elk Grove Reverse Mortgage Guide

Welcome to Elk Grove

If you are a Elk Grove homeowner aged 62 or older, you may be eligible for a reverse mortgage loan. This type of loan allows you to access your home’s equity without making monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial support and security for seniors in Elk Grove, allowing them to age in place and enjoy the comfort and familiarity of their own homes. Don’t let your hard-earned equity go to waste – consider a reverse mortgage loan and see how it can benefit you and your family in retirement.

Reverse Mortgage

Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.

Learn More about a Reverse Mortgage

Reverse Mortgage for Purchase

Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.

Learn More about a Reverse Mortgage for Purchase

HECM to HECM Refinance

A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.

Learn More about a HECM to HECM Refinance

Cash Out Reverse Mortgage

A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.

Learn More about a Cash Out Reverse Mortgage

Jumbo Reverse Mortgage

A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.

Learn More about a Jumbo Reverse Mortgage

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Elk Grove Approved Reverse Mortgage Counseling Agencies

HUD Approved HECM Counseling Agencies

The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:

National Counseling Agencies

ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/

Money Management International
(877) 908-2227
https://www.moneymanagement.org/

Credit.org
(800) 947-3752
https://www.homeownership.org/

National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/

Greenpath
(888) 860-4167
https://www.greenpath.com/

Navicore
(866) 855-7736
https://navicoresolutions.org/

Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/

NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/

Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/

California Counseling Agencies

Elk Grove California Frequently Asked Questions

How does a Reverse Mortgage work in Elk Grove California?

A reverse mortgage in Elk Grove, California, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.

To obtain a reverse mortgage in Elk Grove, California, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.

Do I make mortgage payments on my Reverse Mortgage in Elk Grove?

No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.

What qualifies for a reverse mortgage in Elk Grove?

A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:

  • The youngest borrower on the loan must be 62 years old or older
  • Having an existing mortgage loan balance is OK as long as there is sufficient equity in the home
  • It must be your primary residence, not rental homes or vacation homes
  • Reverse mortgage loans are available as refinance or purchase loans.

How do I receive my money when I get a reverse mortgage?

With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.

About Elk Grove California

Welcome to Elk Grove, California! This vibrant city is home to over 170,000 people and is the second-largest city in Sacramento County.

Elk Grove has a rich history, dating back to the 1850s when it was founded as a stage coach stop. Today, the city is known for its diverse culture and vibrant spirit. Whether you’re looking for a fun day out or a relaxing weekend getaway, Elk Grove has something for everyone.

The city is home to a variety of parks, community centers, and other attractions. Take a stroll through the beautiful Elk Grove Regional Park, or visit the Elk Grove Aquatic Center for a day of swimming and fun. For those looking for a more educational experience, the city is home to several schools, including Elk Grove High School and the Cosumnes River College.

No matter what you’re looking for, Elk Grove has something to offer. So come explore this vibrant city and experience all that it has to offer!

Things To Do In Elk Grove

Elk Grove, CA Neighborhoods

Laguna West-Lakeside, Bradshaw Ranch Estates, Pleasant Grove Estates, River Oak Estates, Sheldon Heights, Sunburst Solar Ranchette, Vineyard Estates, The Shires, Sheldon Woods,

ELK GROVE, CA WEATHER !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src='https://weatherwidget.io/js/widget.min.js';fjs.parentNode.insertBefore(js,fjs);}}(document,'script','weatherwidget-io-js');

Top Sights in Elk Grove, CA


Elk Grove Regional Park

Mud Hen Way

Crystal Bay Lane

Mesa Brook Way

Beaver Falls Way

Windy Fen Court

Lilac Blossom Place

Paul Do Mar Way

Garden Homes Place

Sierra Spring Way

Twinberry Way

Testerman Way

Elk Ridge Way

West Laguna Way

Wheelton Road

Lismore Drive

White Star Way

Deodar Crest Court

Canadeo Circle

Four Seasons Drive

Richborough Way

Babson Drive

Exit Strategy Games

Morse Park

Derr-Okamoto Park

Miwok Park

Laguna Community Park

Bartholomew Park

Kloss Park

Jack E Hill Park

Oasis Park

Stephenson Family Park

Machado Dairy Park

Del Meyer Park

Johnson Park Recreation Center

Kunsting Family Park

The Preserve at District56

Elk Grove Historical Society

North Laguna Creek Park

Vannatta Wine. Winery & Art Gallery

Shasta Community Park

Jacinto Creek Park

Dog Park

Elk Grove Creek Trail

North Laguna Creek Wildlife Area

Old Sugar Mill

Pedersen Park

Franklin Boulevard

Stone Lakes National Wildlife Refuge | Admin Building And Visitor Contact Station

Shortline Lake

Miner's Leap Winery

Blue Heron Trail

Clarksburg Wine Growers & Vintners Association

Heringer Estates

Julietta Winery

Rendez-Vous Winery

Carvalho Family Winery

California Park & Recreation Society

Stone Lake

Sky River Casino

Street Names in Elk Grove, CA

1st Ave School St Alley 4 Seasons Dr 4 Winds Dr Abbey Cir Abert Ct Abrigo Way
Abruzzo Ct Acapulco Way Ackley Dr Acorn Ridge Cir Acropolis St Adams St
Adams St Gage St Alley Adamstown Way Adelante Ct Adelbert Way Adeline Pl Adobe Creek Way
Adobe Spring Way Adobe Valley Ct Adur Rd Aegina Ct Agate Creek Ct Agave Way
Agneta Ct Ahmed Ave Aizenberg Cir Alabaster Dr Alamar Way Alameda Park Dr

Elk Grove, CA Zip Codes

95624, 95757, 95758, 95759, 95829, 95830,

Reverse Mortgage Regulations

HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”

Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”

NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.

NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions.  They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.

Reverse Mortgage Lenders near Elk Grove

Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.

We are proud to serve the residents of Elk Grove. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.

Reverse Mortgage Resource Center
Phone: 385-503-2224

Reverse Mortgage Resource Center – Elk Grove

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REVERSE MORTGAGE RESOURCE CENTER ~lIVE lIFE ON yOUR tERMS~


Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.