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Novato homeowners 62 and older are sitting on serious equity. Marin County values have climbed steadily for decades.
A reverse mortgage lets you tap that equity as cash — no monthly mortgage payment required while you live in the home.
62 years old
Minimum Age
Not required
Monthly Payments
HECM (FHA-backed)
Loan Type
Required before closing
HUD Counseling
Reverse Mortgages in Novato
You must be 62 or older and the home must be your primary residence. Both apply to all borrowers on title.
Lenders also check that property taxes, insurance, and HOA dues are current. Those obligations don't go away with a reverse mortgage.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Novato.
Novato homeowners 62 and older are sitting on serious equity. Marin County values have climbed steadily for decades.
A reverse mortgage lets you tap that equity as cash — no monthly mortgage payment required while you live in the home.
You must be 62 or older and the home must be your primary residence. Both apply to all borrowers on title.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. Not every lender offers them.
We work with wholesale lenders who specialize in HECM products. That access matters when you're comparing payout structures.
HUD requires independent counseling before closing. Budget time for it — usually a day or two to schedule.
Payout options matter more than most borrowers realize. Lump sum, line of credit, or monthly draws each serve different needs.
A HELOC gives you flexible access to equity too — but requires monthly payments and decent qualifying income.
For retired Novato homeowners on fixed income, no monthly payment is often the deciding factor in favor of a reverse mortgage.
Marin County property values support large HECM payouts. Higher home values mean more accessible equity to draw from.
Novato has a significant 65+ population. Many residents bought decades ago and carry little or no remaining mortgage balance.
Yes. You remain on title. The lender places a lien, not ownership.
The loan becomes due. Heirs can sell the home or refinance to pay it off.
Eligible non-borrowing spouses have protections under current FHA rules. Talk to us before closing to structure this correctly.
It depends on your age, home value, and current interest rates. Older borrowers with more equity access more. Rates vary by borrower profile and market conditions.
No. Proceeds are loan advances, not income. Consult a tax advisor for your specific situation.
FHA insurance covers the difference. You or your heirs never owe more than the home sells for.