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Santa Monica Reverse Mortgage

For homeowners 55 and older · Updated August 2026

Santa Monica homeowners age 62 and older can convert part of their home equity into cash with an FHA-insured reverse mortgage (HECM). There are no monthly mortgage payments, you keep the title to your home, and the 2026 FHA lending limit is $1,249,125. Most borrowers access roughly 35 to 60 percent of their home's value, depending on age and interest rates.

Why Santa Monica homeowners use reverse mortgages

Santa Monica homeowners north or south of Montana who bought decades ago own property worth many times what they paid. With values commonly far above the federal lending cap, most Santa Monica seniors qualify for the maximum reverse mortgage amount available anywhere in the country.

The money is yours to use how you want: paying off an existing mortgage to end the monthly payment, covering in-home care, home repairs, everyday bills, or simply a cushion that lets you stop worrying.

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How it works in Santa Monica

  1. Free estimate. We run your age and your Santa Monica home's value through the FHA formula and show you what you could get.
  2. Independent counseling. You meet with a HUD-approved counselor who does not work for any lender. California then gives you a 7-day no-pressure period. Your California protections, explained.
  3. Close and get funded. Any existing mortgage is paid off first, and the rest comes to you: lump sum, monthly payments, or a line of credit. Most loans close in 30 to 45 days.

Santa Monica details

Santa Monica reverse mortgage questions

How much can I get from a reverse mortgage in Santa Monica?
It depends on your age, your home's appraised value, and current interest rates. Most borrowers can access roughly 35 to 60 percent of their home's value, up to the 2026 FHA lending limit of $1,249,125. Older homeowners qualify for more. Use our free two-question estimator for your Santa Monica home's range.
Do Santa Monica homeowners keep ownership of their home with a reverse mortgage?
Yes. Title stays in your name, exactly like a regular mortgage. You keep living in your Santa Monica home as long as you want, provided you stay current on property taxes and homeowners insurance and keep the home maintained.
Where do I get reverse mortgage counseling near Santa Monica?
Federal law requires a session with an independent HUD-approved counseling agency before you apply. Several agencies serve all of Los Angeles County and most offer sessions by phone, so Santa Monica homeowners can complete counseling from home. Your lender must give you a list of approved agencies, and California law then gives you a 7-day no-pressure period before any application.

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