California Reverse Mortgage Report

Our experienced Reverse Mortgage Specialists service the entire state of California. We originate and process all Reverse Mortgage Programs including FHA/HUD's Home Equity Conversion Mortgage (HECM). All Reverse Mortgage Company (ARMC) is a HUD Approved Title II Lender offering all available California Reverse Mortgage Products. The Home Equity Conversion Mortgage (HECM or “Heck-um”) is also known as a “Reverse Mortgage” due to the fact that the loan operates in reverse of a typical mortgage instrument. 

Summary:

Reverse Mortgages available in California include a solid mixture of Government Insured HECM & Proprietary Jumbo Products. The current (2008) lending limit with a HECM Home Equity Conversion Mortgage in the highest county limit in CA is $362,790. (Taken from HUD Mortgage Limits) Jumbo Reverse Mortgages to $3,000,000 are available for higher end homes.

Since the first Reverse Mortgage loan was issued in 1961, senior homeowners benefiting from this safe and viable retirement tool have steadily risen throughout the decade. Today, more California Reverse Mortgage loans are obtained than ever before. U.S. Department of Housing and Urban Development reports that total endorsed HECM's nationally equate to 83,871 from just Jan-July 2008. (Please note only Government Insured HECM loans can be followed at this time)

California Reverse Mortgage Programs Include:

- Fixed Rate & Adjustable Rate HUD Government Insured HECM (Home Equity Conversion Mortgage)

- Fannie Mae HomeKeeper or Home Keeper (FNMA Conventional)

- Jumbo or Private Money Programs (Proprietary Products)