A Reverse Mortgage is a government-insured loan that allows homeowners aged 62 or older to convert a portion of their home equity into tax-free cash, without having to sell their home or take on a monthly mortgage payment. Insured by the Federal Housing Administration (FHA), this program is designed to support retirees with supplemental income, emergency funds, or simply greater financial flexibility. Kristy Gannon helps homeowners throughout California explore whether a reverse mortgage aligns with their long-term goals.
A Reverse Mortgage is a government-insured loan that allows homeowners aged 62 or older to convert a portion of their home equity into tax-free cash, without having to sell their home or take on a monthly mortgage payment. Insured by the Federal Housing Administration (FHA), this program is designed to support retirees with supplemental income, emergency funds, or simply greater financial flexibility. Kristy Gannon helps homeowners throughout California explore whether a reverse mortgage aligns with their long-term goals.
A Reverse Mortgage is ideal for seniors looking to enhance their financial stability during retirement. Whether you want to eliminate monthly mortgage payments, access home equity, pay for medical expenses, or finance your next home, this option provides flexibility without giving up ownership of your property. Kristy Gannon works closely with eligible homeowners in California, helping them understand their options and make informed decisions with peace of mind.
With a reverse mortgage, you borrow against your home’s equity, and instead of making monthly payments, the loan is repaid when you move out, sell the home, or pass away. You remain the owner of the home, and you can choose to receive your funds as a lump sum, monthly payments, or a line of credit. Kristy Gannon provides personalized support to walk you through the loan structure, eligibility, and repayment terms—ensuring clarity every step of the way.
The most common option is the Home Equity Conversion Mortgage (HECM), which is backed by the FHA and offers protections for borrowers. There are also proprietary reverse mortgages, ideal for higher-value homes, and single-purpose reverse mortgages typically offered by non-profits or local governments. Kristy Gannon helps you determine which type suits your goals and walks you through the application with care and expertise.
A Reverse Mortgage offers many powerful benefits for eligible homeowners. It allows you to eliminate your existing mortgage payment, access your home equity as cash, and even finance a new home without taking on new monthly payments. You can also refinance an existing reverse mortgage to access more funds or improve your loan terms. With the help of Kristy Gannon, you’ll have a clear understanding of how to maximize these benefits and use your equity to live more comfortably in retirement.
If you’re 62 or older and own your home (or have significant equity), a reverse mortgage could help you meet your retirement goals—whether that means staying in your home longer, covering unexpected expenses, or making your money last. Kristy Gannon will take the time to understand your needs, explain the pros and cons, and help you decide whether this loan fits your life stage and financial future.
With over 20 years in the mortgage industry, Kristy Gannon brings both expertise and empathy to every conversation. She understands the importance of retirement planning and is committed to helping California homeowners find the right path forward—without pressure. At Ownity Mortgage, Kristy delivers clear, honest guidance so you can make confident, informed choices about your financial future.
A reverse mortgage is a big decision—but you don’t have to navigate it alone. Kristy Gannon is here to answer your questions and help you explore your options with care, clarity, and confidence.
A Reverse Mortgage allows homeowners aged 62+ to convert a portion of their home equity into cash while continuing to live in their home. Unlike a traditional mortgage, borrowers don’t make monthly payments—instead, the loan is repaid when they sell, move out, or pass away.
No. You remain the owner of your home and can live in it for as long as you wish, as long as you continue to meet basic obligations like paying property taxes, homeowner’s insurance, and maintaining the home.
You must be 62 or older, live in the home as your primary residence, and have sufficient home equity. Kristy will help assess your eligibility and guide you through the application process.
You can choose to receive your funds as a lump sum, monthly payments, a line of credit, or a combination of these. Kristy can help you decide which payout structure best suits your financial goals.
Not unless you move out of the home permanently, sell the property, or pass away. At that point, the loan becomes due, and your heirs can choose to repay the loan or sell the home.
Yes! Through a HECM for Purchase, you can use a reverse mortgage to buy a new primary residence—ideal for downsizing or relocating during retirement without taking on new monthly mortgage payments.
Your heirs can repay the loan and keep the home, or sell the home and use the proceeds to repay the balance. If the home sells for less than the loan balance, FHA insurance covers the difference, and your heirs are not held responsible.
Yes, you can refinance a reverse mortgage to improve the interest rate, access more equity, or change your payout option. Kristy will review your current loan and help determine if refinancing makes sense.
Yes, reverse mortgages include closing costs, mortgage insurance premiums, and servicing fees—but many of these can be rolled into the loan. Kristy will break down all the costs clearly so there are no surprises.
To qualify, borrowers must:
Homeowners can receive their funds in multiple ways:
No. Reverse Mortgage borrowers are not required to make monthly payments. The loan balance is repaid when the home is sold, the homeowner moves out, or the homeowner passes away.
When the homeowner moves out permanently or passes away, the loan must be repaid. The home is usually sold to repay the balance, but heirs can choose to refinance or pay off the loan to keep the home.
No! The money received from a Reverse Mortgage is not considered taxable income and does not affect Social Security or Medicare benefits.
Homeowners must continue to pay property taxes, homeowners insurance, and maintain the home. Failure to do so may result in default and foreclosure.
Most lenders require homeowners to have at least 50% equity in their home to qualify. The exact amount depends on age, home value, and loan program.
Eligible property types include:
Reverse Mortgages may include:
Heirs can inherit the home and choose to refinance, sell, or walk away. If the home is sold, any remaining equity after repaying the loan goes to the heirs.
Yes! Borrowers can refinance a Reverse Mortgage to secure better loan terms, increase available funds, or switch to a new loan program.
If you don’t qualify, consider:
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7606 Meany Ave. Suite 103 Bakersfield, California 93308
DRE #01771805
NMLS #245918
Arbor NMLS #236669
Arbor DRE #01845041
