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Colfax is a small Sierra foothills town where many homeowners have lived for decades. That means deep equity and a strong candidate pool for reverse mortgages.
Placer County property values have historically trended upward. Long-term Colfax owners often carry substantial equity — exactly what a reverse mortgage taps.
62 years old
Minimum Age
None required
Monthly Payments
HECM (most common)
FHA-Backed Option
Due on sale or vacancy
Loan Repayment
Before closing
Counseling Required
Reverse Mortgages in Colfax
You must be 62 or older. The home must be your primary residence — not a rental or vacation property.
Lenders require a financial assessment to confirm you can cover taxes, insurance, and maintenance. Your credit score matters, but it's not the main driver here.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Colfax.
Colfax is a small Sierra foothills town where many homeowners have lived for decades. That means deep equity and a strong candidate pool for reverse mortgages.
Placer County property values have historically trended upward. Long-term Colfax owners often carry substantial equity — exactly what a reverse mortgage taps.
You must be 62 or older. The home must be your primary residence — not a rental or vacation property.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. That federal backing means consistent rules across lenders.
Rates and fees still vary lender to lender. As a broker with access to 200+ wholesale lenders, we shop those differences so you don't overpay on origination costs.
One thing many Colfax borrowers miss: both spouses should be on the loan, even if one is under 62. A non-borrowing spouse can stay in the home, but protections differ.
Counseling is mandatory before closing. It's not a formality — a good HUD-approved counselor will flag things your lender won't volunteer.
A HELOC also pulls from equity, but it requires monthly payments and income verification. For retirees on fixed income, that payment can strain a budget.
A reverse mortgage eliminates the monthly obligation. The tradeoff: interest accrues on the balance, reducing what you leave behind. Know that going in.
Colfax properties can include rural acreage, cabins, and non-standard structures. Not every property type qualifies — manufactured homes must meet FHA guidelines.
Wildfire risk in Placer County foothills affects insurance availability. Lenders require active hazard coverage. Confirm your policy is current before applying.
Yes, but it must meet FHA standards and be on a permanent foundation. Not all manufactured homes qualify — a property review is required.
Your heirs can sell the home, repay the loan balance, or refinance. They keep any remaining equity after the loan is paid off.
Yes. Title stays in your name. The lender places a lien on the property, just like a traditional mortgage.
Proprietary reverse mortgages — not FHA-backed — can handle higher-value homes. We have access to those programs through wholesale lenders.
Yes, it's mandatory for all HECM loans. You must complete it with a HUD-approved counselor before a lender can issue loan documents.