Reverse Mortgage FAQ: Upland & Claremont, CA (Straight Answers)

If you’re researching reverse mortgages in Upland or Claremont, you’re not alone. Most homeowners want the same thing: clear facts, no pressure, and no “TV-ad” fluff.

This page answers the most common reverse mortgage questions I hear from local homeowners and their families—written in plain English so you can make a smart decision.

Coach Brian Wiesner (NMLS #276531)
Upland–Claremont | 21st Century Lending
All loans subject to approval. Equal Housing Lender.

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Reverse Mortgage FAQ

1) What is a reverse mortgage?

A reverse mortgage is a cash-out refinance that lets eligible homeowners access a portion of their home equity. Many borrowers use it to pay off an existing mortgage, improve monthly cash flow, or create retirement liquidity strategies.

It’s still a loan. It accrues interest over time and will eventually need to be paid off.

2) What is the minimum age for a reverse mortgage in California?

It depends on the program:

• HUD-insured HECM reverse mortgages generally require age 62+.

• Some private/proprietary reverse mortgage programs may allow eligibility starting at age 55.

The right fit depends on your goals, home value, equity, and how you want to use the funds.

3) How much money can I get from a reverse mortgage?

The amount you may qualify for is based on several factors, including:

• The age of the youngest borrower

• Your home value

• Current interest rates

• Any existing mortgage payoff

In general, older borrowers may qualify for a larger available amount.

4) How do borrowers receive money from a reverse mortgage?

Borrowers can receive funds in any combination of these three methods:

• Lump sum

• Line of credit

• Monthly distributions

You can choose one option, two options, or all three—it’s the borrower’s choice, based on how the equity is intended to be used.

5) What does a reverse mortgage cost?

Reverse mortgages have closing costs like any other mortgage. Some programs include up-front mortgage insurance, which shows up in the closing cost section and can look expensive at first glance.

Important note: in many reverse mortgage structures, costs are built into the loan, meaning borrowers typically do not bring cash to closing the way homebuyers often do on a purchase.

6) When does a reverse mortgage have to be paid back?

A reverse mortgage generally becomes due when all borrowers are out of the home for 12 consecutive months. That can happen because of:

• A permanent move

• Long-term care

• Passing of the last borrower

7) Does the bank take my home or go on title?

No. The lender is not on title. The bank doesn’t “own” your home.

Also, lenders generally don’t want properties—foreclosure is costly and time-consuming. When a reverse mortgage becomes due, the estate is typically given time to determine the best payoff path.

8) What responsibilities do I still have as a homeowner?

Reverse mortgage borrowers still must:

• Pay property taxes

• Maintain homeowners insurance

• Keep the home in reasonable condition

If these obligations aren’t met, the lender can step in to protect the property—similar to a traditional mortgage.

9) What happens to the home when the borrower passes away?

The heirs or estate decide what to do next. Common options include:

• Paying off the loan and keeping the home

• Refinancing the home and keeping it (including through a trust, depending on the scenario)

• Selling the home and paying off the loan, keeping any remaining equity

A reverse mortgage does not automatically prevent heirs from keeping the home.

10) Are reverse mortgages riskier than traditional mortgages?

There are no special “extra” risks compared to a traditional mortgage if the rules are followed.

The key requirements are straightforward:

• The borrower must occupy the home as their primary residence (and meet occupancy rules)

• Taxes, insurance, and basic maintenance must be kept current

Want a quick, no-pressure reverse mortgage review?

If you’re in Upland, Claremont, Rancho Cucamonga, or nearby and want to know whether a reverse mortgage makes sense for your situation, I’ll give you a straight answer and show you your options.

Brian Wiesner (NMLS #276531)
21st Century Lending
Call/Text: 909-962-7689
Email: [email protected]
All loans subject to approval. Equal Housing Lender.