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Folsom attracts a strong retiree population. Many homeowners here have built significant equity over decades.
A reverse mortgage lets homeowners 62+ convert that equity into cash. No monthly mortgage payment required.
62 years old
Minimum Age
Not required
Monthly Payment
Required by law
HUD Counseling
HECM (FHA-backed)
Loan Type
Move out or pass away
Loan Due When
Reverse Mortgages in Folsom
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. Failing to keep up with 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 Folsom.
Folsom attracts a strong retiree population. Many homeowners here have built significant equity over decades.
A reverse mortgage lets homeowners 62+ convert that equity into cash. No monthly mortgage payment required.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity to qualify.
Not every lender offers reverse mortgages. Many banks have exited this space entirely.
At SRK CAPITAL, we work with 200+ wholesale lenders. We find who's actively pricing these loans competitively.
The most common mistake I see: borrowers wait too long. Starting at 62 gives you more flexibility than waiting until 75.
HECM — Home Equity Conversion Mortgage — is the FHA-backed version. It's the most common type and carries federal protections.
A HELOC gives you a credit line but requires monthly payments. A reverse mortgage doesn't — big difference on a fixed income.
Home Equity Loans also require payments. If cash flow is the goal, a reverse mortgage is usually the cleaner solution.
Folsom homeowners who bought in the 1990s or early 2000s are sitting on substantial equity as of April 2026.
Sacramento County's property tax rules apply here. Staying current on taxes is non-negotiable with a reverse mortgage.
Yes. You remain on the title. The lender places a lien, but ownership stays with you.
The loan becomes due. Your heirs can sell the home or refinance to pay it off.
Yes, but the condo project must be FHA-approved. Not all Folsom communities qualify automatically.
It depends on your age, home value, and current rates. Older borrowers with more equity qualify for larger amounts. Rates vary by borrower profile and market conditions.
Yes. Federal law requires it before any HECM closes. It typically takes one session with an approved counselor.
Yes. Medical bills, home repairs, living expenses — no restrictions on how you use the proceeds.