California Counseling and Worksheet Process

California has specific, stringent consumer protection laws for reverse mortgages. Before applying, you must complete independent counseling with a HUD-approved counseling agency.

The California 7-Day Cooling Off Period

After receiving your counseling, California law requires a 7-day "cooling off" period before a lender can process your application or charge any fees. You will also be required to review specific worksheets outlining loan costs.

A reverse mortgage is a loan secured by the home. Borrowers remain responsible for taxes, insurance, property maintenance, and complying with loan terms.