Our Fresno Reverse Mortgage Options in California
A friendly loan officer from our team will help you find the right reverse mortgages for your specific needs, whether that is a HECM or proprietary loan.
Fresno Reverse Mortgage Loan Process
We guide seniors through every step of the mortgage process, ensuring they’re confident in their loan choices.
See today’s mortgage rates in less than 60 seconds
Get a quoteGet a Fresno Reverse Mortgage Quote
Learn how much cash you can receive to finance home repairs or keep up with cost-of-living adjustments.
Fresno, CA Reverse Mortgages: Secure Your Financial Future
Also known as a Home Equity Conversion Mortgage (HECM), reverse mortgages allow you to borrow against the home equity on your principal residence.
HECM loans can be used by homeowners over 62 who have significant equity or have already repaid their original home loan.
Benefits of a Fresno, CA Reverse Mortgage
HECM loans are an excellent option for those on a fixed income because instead of you paying a mortgage, the lender pays you. These flexible payments are perfect for supplementing your pension, especially as they are tax-free income.
Fresno home values have risen by 4.7% in just the last year to more than $380,000, meaning those who have owned their homes for decades may have significant equity they can convert into cash. An appraisal will help decide how much you qualify for, which may be far more than you think, given Fresno’s hot market.
Unlike a home equity loan, these loans do not have to be paid back until the home transfers ownership, offering tax-free payments on a set schedule. While the lender will pull a credit report, your credit score isn’t a factor in eligibility, making it easier to qualify.
You can remain in your home without making monthly mortgage payments, though you will still be responsible for home maintenance and taxes.
Like other FHA products, HECM loans are subject to loan limits. As of 2024, the loan limit for Fresno, CA, is $1,149,825. If HECM loans do not appeal to you, private lenders also offer proprietary reverse mortgages that are not subject to the same restrictions.
These proprietary options are great for those who own high-value homes and want to receive more income during retirement.
How Does a Fresno Reverse Mortgage Work in California?
HECM loans, the most common type of reverse mortgage, are insured by the Federal Housing Administration (FHA), a division of HUD. To be eligible, all Fresno homeowners who cosign the loan must be over 62.
These loans are only available for a primary residence, which may be a single-family home, an FHA-approved manufactured home, or a multi-unit property where one unit is the primary residence. Additionally, the homeowner must usually have at least 50% equity.
For HECM mortgages, you must undergo financial counseling with a HUD-approved counselor before closing the loan, ensuring you understand your rights and obligations. You’ll begin receiving payments after you’ve been approved and the origination fee has been paid.
Reverse mortgage loans are a flexible payment option. Depending on your needs, you can receive a lump sum payment, monthly payments, a line of credit, or a mix of these. You can also choose between fixed rates and adjustable rates.
As an added benefit, reverse mortgages do not come due until the home transfers ownership, such as at sale or the death of the homeowners. If you don’t intend to buy a new home before you pass away, you’ll never have to repay the loan; instead, your heirs can decide if they want to pay it off or sell the property.
Why Choose Arnaiz Mortgage for Your Fresno, CA Reverse Mortgage
Arnaiz Mortgage works closely with homeowners throughout California’s Central Valley to ensure they receive reverse mortgages that fit their needs. The Fresno market has changed rapidly in the past few years, with home prices changing significantly monthly.
We’ll help you decide when is the perfect time to apply for a new loan based on how long you have owned the property and how market changes influence your equity.
We pride ourselves on our commitment to transparency. Our team understands your home is your greatest investment and wants to ensure you get the best deal possible on reverse mortgages. Most importantly, we’ll ensure your loan is processed quickly and that you’re fully aware of all facets of reverse mortgages, including the upfront costs and your obligations.
To talk to a loan officer about HECM mortgages, call us at (623) 806-4645. You can also apply online or get a quote to learn how much you can receive with a HECM loan.
