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Upland homeowners 62 and older have built serious equity over the years. A reverse mortgage lets you tap that equity without selling.
Bankrate's latest lender survey shows 30-year rates at 6.27%. That makes a reverse mortgage more attractive for seniors who want cash without a monthly payment.
62 years old
Minimum Age
None required
Monthly Payments
Required before closing
HUD Counseling
HECM (FHA-backed)
Common Program
Fixed or adjustable
Rate Type
You must be 62 or older. The home must be your primary residence.
Lenders require the home to be in good condition. You still pay property taxes, insurance, and HOA fees.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. A handful of private jumbo reverse options also exist.
Not every lender offers reverse products. We work with 200+ wholesale lenders and know exactly which ones specialize in this program.
The biggest mistake I see: borrowers pick the first reverse lender they find. Fees vary significantly between lenders.
Origination fees, servicing fees, and closing costs all differ. Shopping multiple lenders can save thousands upfront.
A HELOC gives you a credit line, but requires monthly payments. A reverse mortgage doesn't — which matters on a fixed income.
Home equity loans work similarly but also require monthly payments. For seniors wanting cash flow relief, reverse mortgages often win.
Upland sits in San Bernardino County, where many long-term homeowners have decades of equity built up. That equity is the engine behind a reverse mortgage.
San Bernardino County FHA loan limits apply to HECM programs. Higher-value Upland homes may qualify for jumbo reverse products instead.
Yes. You keep the title. The loan is repaid when you sell, move out, or pass away.
A non-borrowing spouse can be listed as an eligible spouse. They may stay in the home if you pass away first.
You can if you stop paying taxes, insurance, or let the home fall into disrepair. Stay current on those obligations.
It depends on your age, home value, and current interest rates. Older borrowers with more equity qualify for larger draws. Rates vary by borrower profile and market conditions.
Yes, it's mandatory. You must complete it before any HECM application can be processed. It typically takes about an hour.
Yes. You can choose a lump sum, monthly payments, a credit line, or a combination. Most borrowers pick the credit line.
Reverse Mortgages in Upland