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Allows homeowners aged 62 and older to convert home equity into cash without monthly mortgage payments. Ideal for supplementing retirement income while staying in your home.
A reverse mortgage is right for you if you are 62 or older, own your home with significant equity, and want to supplement your retirement income without making monthly mortgage payments. The loan is repaid only when you sell, move, or pass away. The most common type is the Home Equity Conversion Mortgage, insured by the FHA through HUD, with a lending limit of $1,209,750. Disbursement options include a lump sum, monthly payments, a line of credit, or a combination. An upfront MIP of 2% plus annual MIP of 0.5% applies under the HECM program. Non-recourse protection ensures you or your heirs never owe more than the home is worth, and HUD-approved counseling is required before closing. Compared to a HELOC that requires monthly repayments, a reverse mortgage eliminates payment obligations entirely while you remain in your home. Choose a reverse mortgage if you want to age in place while converting your largest asset into tax-free retirement income.
Loan Limits
HECM limit: $1,209,750 (per HUD/FHA, 2024); proprietary reverse mortgages available for higher values
PMI / MIP
FHA MIP: 2% upfront + 0.5% annual (for HECM loans)
Occupancy
Primary residence only
You must complete a session with a HUD-approved reverse mortgage counselor who explains how the program works, its costs, and alternatives. This is required by law to protect borrowers.
Submit your application with property details and identification. Income verification focuses on ensuring you can pay property taxes, insurance, and maintenance rather than qualifying income.
A FHA appraisal determines your home's value and ensures it meets HUD minimum property standards. The underwriter calculates your available proceeds based on age, home value, and interest rates.
Sign closing documents and choose your disbursement option: lump sum, monthly payments, line of credit, or a combination. Existing mortgage is paid off first, and remaining proceeds are yours.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Rates, terms, and availability of programs are subject to change without notice.
NetCORE Lending™ is headquartered in Diamond Bar and has been helping borrowers across the San Gabriel Valley secure reverse mortgage financing since 2015. We serve homebuyers and homeowners in Pomona, Walnut, Rowland Heights, West Covina, Chino Hills, Covina, La Verne, Glendora, San Dimas, Hacienda Heights, and City of Industry — as well as borrowers throughout California.
As a local mortgage broker, we understand the San Gabriel Valley real estate market — from the higher-value properties in Chino Hills and Diamond Bar to the more affordable options in Pomona and West Covina. Our team provides bilingual service in English and Vietnamese and shops 100+ wholesale lenders to find you the lowest available rate on your reverse mortgage loan.
Call (714) 399-6361 to discuss reverse mortgage options with a local loan advisor, or get pre-qualified online in 2 minutes.
Explore other loan products that might be a good fit for your needs.
Access your home equity with a flexible revolving line of credit. NetCORE offers HELOCs up to 90% LTV, significantly higher than the typical 65% offered by banks.
Replace your existing mortgage with a new loan to lower your rate, reduce monthly payments, shorten your term, or access your home equity through cash-out refinancing.
Apply online in minutes or call us to speak with a loan advisor about your Reverse Mortgage options.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Rates, terms, and availability of programs are subject to change without notice.
Reviewed by Joann Ton, Loan Officer (NMLS# 1461031) | Last updated: June 2026
These FAQs are generated with AI assistance and reviewed periodically. For personalized advice about your specific situation, please call us or apply online.