Loading
La Habra homeowners 62 and older are sitting on decades of equity. A reverse mortgage lets you tap that equity without a monthly payment.
Orange County home values have climbed steadily for years. That appreciation works in your favor when calculating how much you can access.
62 years old
Minimum Age
Not required
Monthly Payment
HECM
FHA-Backed Program
Due when you move out
Loan Repayment
Required before closing
HUD Counseling
You must be 62 or older and live in the home as your primary residence. The home needs enough equity to cover the loan balance.
You still pay property taxes, insurance, and maintenance. Failing to keep those current can trigger default — lenders are strict on this.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. Not every lender offers them, and pricing varies widely.
We work with 200+ wholesale lenders at SRK CAPITAL. That access matters when finding the best HECM terms for your situation.
HUD requires independent counseling before you close. Do not skip it. That session protects you and is required for HECM approval.
Spouses under 62 can stay in the home if properly documented as non-borrowing spouses. Structure this wrong and you create a serious problem.
A HELOC gives you a credit line but requires monthly payments. If cash flow is tight, that payment can become a burden fast.
A reverse mortgage eliminates that monthly obligation. The tradeoff is that interest accrues and reduces what heirs receive later.
La Habra straddles the LA and Orange County line. Make sure your lender confirms which county your property falls under — it affects FHA loan limits.
Orange County's HECM limits are set by FHA's national max. As of April 2026, confirm current limits with your broker before planning around a number.
Yes, if you stop paying taxes, insurance, or move out. Staying current on those obligations keeps the loan in good standing.
No. You can have an existing mortgage. The reverse mortgage proceeds must first pay it off, though.
You choose: lump sum, monthly payments, a line of credit, or a combination. The line of credit option is often the most flexible.
The loan becomes due. Heirs can sell the home, refinance, or pay off the balance to keep it.
Loan proceeds are not considered income by the IRS. Consult a tax advisor for your specific situation.
There is no minimum credit score for HECMs. Lenders do review credit history to assess financial obligations.
Reverse Mortgages in La Habra