CALIFORNIA REVERSE MORTGAGE QUESTIONS & ANSWERS

Questions & Answers

  • How do I receive my proceeds through a Reverse Mortgage?

    You can receive proceeds through a Reverse Mortgage a couple of ways. You can get a lump sum payment, save the money in a credit line with future growth or choose a monthly distribution for life. The choice is yours!

  • If I get a Reverse Mortgage, does the Government or bank take my home?

    No, your home is yours to keep! A Reverse Mortgage is an FHA insured loan secured by the equity in your home.

  • Do I have to pay taxes on any Reverse Mortgage money?

    Since a Reverse Mortgage is a loan, the loan proceeds are tax-free and are not considered income. As always, consult with your tax advisor.

  • Will a Reverse Mortgage loan affect my Social Security or Medicare?

    Reverse Mortgage loans do not normally affect your eligibility for traditional Social Security or Medicare. Please consult your financial advisor if you get supplemental Social Security benefits or state-funded medical benefits beyond Medicare coverage.

  • Do my spouse and I both have to be 55 to qualify for a Reverse Mortgage In California?

    Reverse Mortgage loans in California are now available to borrowers with spouses younger than 55. This new rule change allows the younger spouse to stay in the home without the threat of satisfying the loan if their older spouse passes away. The younger spouse must comply with all of the normal Reverse Mortgage terms.

How The Process Works

1. Education

Talk to Green Monarch to discuss your specific needs. Learn about the benefits, options and costs related to obtaining a Reverse Mortgage.

2. Counseling

Our government requires all Reverse Mortgage applicants to undergo HUD approved counseling. This counseling is performed by an unbiased third-party agency and will only take about 30 minutes.

3. Application

After you have completed counseling, we will set up a time to meet to go over your loan application and to help you obtain some of the required documentation.

4. Funding

This is the completion of the Reverse Mortgage and you will receive your money in the fashion you choose.