Placerville California Reverse Mortgage

Your Placerville Reverse Mortgage Guide

Welcome to Placerville

Are you a homeowner in Placerville looking for financial support in retirement? A reverse mortgage loan may be the solution you’ve been seeking. This type of loan allows homeowners aged 62 and older to access their home equity without the obligation to make monthly payments. Instead, the loan is repaid when the borrower sells the home or passes away. Reverse mortgage loans can provide a stable financial foundation and allow seniors to age in place with the comfort and security of their own home.

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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Placerville 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

Placerville California Frequently Asked Questions

How does a Reverse Mortgage work in Placerville California?

A reverse mortgage in Placerville, 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 Placerville, 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 Placerville?

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 Placerville?

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 Placerville California

Welcome to Placerville, a charming city nestled in the foothills of the Sierra Nevada Mountains! With a population of over 10,000 people, Placerville is a vibrant and diverse community.

Placerville was founded in 1854 and has a rich history. It was once a major hub for the gold rush, and many of the buildings still reflect the city’s past. Today, Placerville is known for its small-town charm, with a variety of shops, restaurants, and activities to explore.

If you’re looking for outdoor activities, Placerville has plenty to offer. From hiking trails to kayaking spots, you’ll find something to do in the great outdoors. There are also several parks and community centers in the city, including the Placerville Skate Park, the Placerville Community Center, and the Placerville Library.

For those looking for educational opportunities, Placerville is home to several schools, including Placerville Elementary School, Placerville High School, and the Placerville Charter School.

No matter what you’re looking for, Placerville has something to offer. From its rich history to its outdoor activities, Placerville is a great place to visit. So come on down and explore all that Placerville has to offer!

Things To Do In Placerville

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Top Sights in Placerville, CA


Placerville Speedway

Gold Bug Park & Mine

Oak Terrace Road

Clark Street

Pheasant Run Drive

Stone Lane

Bennett Drive

Hidden Springs Circle

Northridge Drive

Spring View Lane

David Circle

Apple Hill Growers Association Inc

Parkway Drive

Starfield Vineyards

Downtown Placerville

Fullmoon Drive

Lions Park

Newtown Road

Nello Olivo Winery, Placerville Tasting Room

El Dorado County Historical Museum

Boa Vista Orchards

Tecolote Drive

Fountain & Tallman Museum

Riverwood Drive

Best Western Plus Placerville Inn

Woodsman Loop

John Pearson Soda Works (National Register of Historic Places #1985003326)

Veterans Monument

Fenton Herriott Vineyards

Hill Road

Lime Kiln Road

Roundhill Circle

Gold Trail

Dyer Way

Nutmeg Lane

Vogelsang Lane

Gold Bug Mine

Lava Cap Winery

Cold Springs Road

Community Observatory

Dead Horse Road

Lewis Grace Winery & Tasting Room

Light Canyon Road

Greathouse Lane

Ranch Road

Bayne Road

Shilo Drive

Manzanita Lane

Pleasant Oak Road

Swansboro Road

Yankee John Court

Lumsden Park

Mosquito Road

Pilgrim Way

Boulder Point Lane

Baldwin Drive

Hewenthatta Way

El Dorado Trail

Apple Ridge Farms - Apple Hill #20

Red Hawk Casino

Findleton Estate & Winery

Mosquito Bridge

El Dorado Station, El Dorado Western Railroad

Sierra Vista Vineyards & Winery

Holly's Hill Vineyards

Bumgarner Wine Tasting

Chili Bar Reservoir

Wakamatsu Farm

El Dorado County Wine Country

Dutch Creek Falls Trailhead

Slab Creek Reservoir

Street Names in Placerville, CA

1 Eye Creek Ct 1 Eye Creek Rd 12 Oaks Ln 4 Seasons Rd 4 Springs Trail 49er Trail
5 Mile Rd 7 Springs Dr Abbey Rd Abel Rd Acacia Way Academy Dr
Academy Ln Acadian Ln Acorn Hill Ct Acorn Hill Rd Adams Ln Adams St
Adobe Trail Agape Ct Agape Ln Aggregate Ct Aggregate Way Agua Dulce Ct
Aguilar Ct Aguilar Rd Ailanthus Ln Airport Ct Airport Rd Akashic Dr

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 Placerville

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 Placerville. 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 – Placerville

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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.