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Reverse Mortgages in Rohnert Park
Rohnert Park homeowners aged 62+ have built substantial equity through decades of Sonoma County appreciation. A reverse mortgage converts that equity into cash while you stay in your home.
Most borrowers here use proceeds to eliminate existing mortgage payments, fund healthcare costs, or supplement retirement income. The loan doesn't require repayment until you move or pass.
You need to be at least 62 years old and own your Rohnert Park home outright or have significant equity. If you still have a mortgage, reverse mortgage proceeds must pay it off first.
The property must be your primary residence. You're responsible for property taxes, homeowners insurance, and maintenance throughout the loan term.
Most reverse mortgages are HECMs backed by FHA, but we also access proprietary jumbo programs for higher-value Sonoma County properties. Rates vary by borrower profile and market conditions.
Lenders calculate your maximum loan amount based on your age, home value, and current interest rates. Older borrowers and higher-value homes qualify for larger proceeds.
I see Rohnert Park clients surprised by how much tax and insurance costs matter. If you can't afford those ongoing expenses, lenders won't approve the loan even with perfect equity.
Mandatory counseling sessions catch many off guard. HUD requires it before approval to ensure you understand how the loan works and the long-term implications for heirs.
HELOCs and home equity loans require monthly payments and income verification. Reverse mortgages eliminate payments but accrue interest that reduces your equity over time.
If you want access to cash but plan to move within five years, a HELOC usually makes more sense. Reverse mortgages work best for long-term residents who need sustained cash flow.
Sonoma County property taxes run higher than many California counties. Make sure you can cover those increases from other income sources or set aside reverse mortgage proceeds.
Rohnert Park's proximity to Santa Rosa means some homes exceed standard HECM limits. We shop proprietary jumbo programs that handle higher values without the FHA cap.
You keep ownership but must pay taxes, insurance, and maintenance. Falling behind on those obligations can trigger foreclosure even without monthly payments.
Heirs can repay the loan and keep the home, or sell it and keep any remaining equity. They're never liable for more than the home's value.
Typically 40-60% of your home's value, depending on your age and current rates. Older borrowers and lower interest rates increase the percentage available.
Credit matters less than other loans. Lenders check financial history to ensure you can afford taxes and insurance but don't have strict score requirements.
Yes, if you're 62+ with sufficient equity. The reverse mortgage pays off your current loan, eliminating your monthly payment going forward.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.