Loading
Loading
Loomis is a tight-knit Placer County community. Many longtime homeowners here have built serious equity over the years.
A reverse mortgage lets you pull cash from that equity. No monthly mortgage payments required — as long as you live in the home.
62 years old
Minimum Age
None required
Monthly Payment
Required
HUD Counseling
HECM or Jumbo
Loan Type
Move out or pass away
Loan Due When
Reverse Mortgages in Loomis
You must be 62 or older and live in the home as your primary residence. The home must have enough equity to qualify.
You still pay property taxes, insurance, and maintenance. Falling behind on those can trigger default.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Loomis.
Loomis is a tight-knit Placer County community. Many longtime homeowners here have built serious equity over the years.
A reverse mortgage lets you pull cash from that equity. No monthly mortgage payments required — as long as you live in the home.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity to qualify.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages insured by FHA. Very few lenders do proprietary jumbo reverse products.
We work with wholesale lenders across the country. That gives you more program options than a single retail bank can offer.
The biggest mistake I see: borrowers wait too long. The older you are at closing, the more equity you can access.
Spouses under 62 must be listed as non-borrowing spouses. Structure this wrong and a younger spouse could face real problems after you pass.
HELOCs and home equity loans require monthly payments. A reverse mortgage doesn't — that's the core difference.
If you plan to sell in two to three years, a HELOC may cost less overall. Reverse mortgages shine when you plan to stay long-term.
Loomis homes often sit on larger lots with strong appraised values. That works in your favor for the equity calculation.
Placer County's property values have held well. Higher appraised value means access to more proceeds at closing.
Yes. The lender does not take ownership. You remain on title as long as you live there and meet loan obligations.
The loan becomes due. Heirs can sell the home, refinance, or pay off the balance to keep the property.
Traditional credit score minimums don't apply to HECMs. Lenders do a financial assessment to check tax and insurance payment history.
Yes, but the lender only counts the residential portion of the land value. Large agricultural parcels may be excluded from the appraisal.
You choose — lump sum, monthly payments, a line of credit, or a combination. The line of credit grows over time if unused.
Federal law requires independent HUD-approved counseling before you apply. It takes about an hour and costs around $125.