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Sonoma County homeowners have built serious equity over the years. A reverse mortgage lets you tap that equity without selling or making monthly payments.
Cotati sits in one of California's most equity-rich corridors. Long-term owners here often have more home value than liquid savings.
62 years old
Minimum Age
None required
Monthly Payments
FHA HECM
Most Common Type
30–45 days
Typical Close Time
Reverse Mortgages in Cotati
You must be 62 or older and own your home outright or have significant equity. The home must be your primary residence.
You'll need to pass a financial assessment. Lenders check that you can cover property taxes, insurance, and basic maintenance.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Cotati.
Sonoma County homeowners have built serious equity over the years. A reverse mortgage lets you tap that equity without selling or making monthly payments.
Cotati sits in one of California's most equity-rich corridors. Long-term owners here often have more home value than liquid savings.
You must be 62 or older and own your home outright or have significant equity. The home must be your primary residence.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by the FHA. A few private jumbo options exist for higher-value homes.
Not every lender prices these the same. Origination fees, mortgage insurance, and servicing terms vary. Shopping matters here.
The biggest mistake I see: waiting too long. Starting at 62 with more equity gives you better loan proceeds than starting at 75 with a depleted home.
HUD-approved counseling is required before you close. Don't skip it. That session often surfaces questions your lender never raised.
A HELOC gives you a credit line but requires monthly payments. A reverse mortgage doesn't — that's a real difference on a fixed income.
Home equity loans also require repayment. If cash flow is tight, a reverse mortgage is the only equity product with no monthly obligation.
Cotati is a small city with a stable, older homeowner base. Many residents have owned since the 1980s or 1990s and carry little or no mortgage.
Sonoma County's property values make HECMs viable for many locals. Higher-value properties may qualify for jumbo reverse mortgage programs instead.
Yes. You keep title and ownership. The lender places a lien, just like any other mortgage.
The loan becomes due. Heirs can sell the home, repay the balance, or refinance to keep it.
Yes, if you have enough equity. The reverse mortgage pays off your existing loan first.
It depends on your age, home value, and current interest rates. Rates vary by borrower profile and market conditions.
Loan proceeds are generally not taxable. Consult a tax advisor for your specific situation.
Typically 30–45 days. The required HUD counseling must happen before the process can move forward.