A Home Equity Conversion Mortgage lets homeowners 62 and older convert equity into a lump sum, monthly payments, or a growing line of credit, with no required monthly principal and interest payment. Here is how the program works specifically for buyers, owners, and investors in East Bay and the rest of Alameda & Contra Costa Counties.
$1,209,750 (Alameda / Contra Costa)
≈ $950K
62
Lump sum, term, tenure, or line
The East Bay spans FHA-friendly starter markets in Hayward and Antioch through jumbo files in Rockridge, Piedmont, and Lafayette. Program selection matters more here than almost anywhere in the Bay.
A 71-year-old homeowner with a small remaining mortgage balance and a fixed retirement income.
The existing loan was paid off, monthly cash flow improved immediately, and the remaining proceeds stayed available as a growing line.
Examples are illustrative composites of typical files, not offers of credit or guarantees of terms.
Oakland, Berkeley, Alameda, Fremont, Hayward, Walnut Creek, Lafayette, Orinda, Danville, Concord
Full East Bay market pageYes. Reverse Mortgages (HECM) are available throughout Alameda & Contra Costa Counties. Convert equity to income or a line of credit at 62+. Mark compares pricing across 80+ wholesale lenders and picks the one whose guidelines fit East Bay property types and your file.
$1,209,750 (Alameda / Contra Costa). Above that amount the file is priced as a jumbo or portfolio loan, which changes reserve and documentation requirements.
Most purchases close in 21 to 30 days, and rush files have closed faster when the appraisal and insurance are ordered on day one. Local considerations here: Older housing stock appraisal issues, Bay-window and foundation call-outs, Rapid market shifts between subregions.
No. You keep title. The loan becomes due when the last borrower permanently moves out, sells, or passes away, and you must stay current on taxes, insurance, and maintenance.
HECM loans are non-recourse. Heirs can repay the balance to keep the home or sell it, and they are never liable beyond the home's value.
Mark Dankman, NMLS #251068, 925.934.6600, mail@resourcehomeloan.com