Reverse mortgages (HECM) are FHA-insured loans for Californians aged 62+, using primary home equity.
Borrowers can withdraw funds as a lump sum or in installments for any purpose.
Property taxes and insurance must be paid; no ongoing mortgage payments are required.
Loan repayment occurs when the borrower dies or no longer occupies the home.
Communication between borrower, loan officer, and escrow officer ensures smooth transactions and avoids delays.