Looking for a flexible financial solution in Los Angeles? Consider a Reverse Mortgage with variable adjustable rates and lines of credit! Learn about the benefits of this unique program today

If you’re an older adult and have lived in your home a long time, you’ve probably at least thought about a reverse mortgage. As long as you live in your home as a primary residence, you could be qualified for a reverse mortgage.

Lenders can offer reverse mortgages, which provide a line of credit you can use as needed. For example, you may get a reverse mortgage offering a line of credit to pay for essential home repairs or maintenance.

Reverse mortgages can also be offered with a variable interest rate, which could be helpful in various ways.  One crucial takeaway about reverse mortgages: you aren’t necessarily obligated to pay anything back toward the balance as long as you maintain living in the home.

How Do Reverse Mortgages Work?

Reverse mortgages are re-paid when you sell the property, move, or pass away. Spouses and partners can be either co-borrowers or eligible non-borrowers.

If one partner or spouse passes away or moves out, the other partner can stay in the home without paying anything.

Interest rates on eligible non-borrowers on reverse mortgages can be either variable or fixed. One thing to remember: interest, fees, and principal balances aren’t paid on a reverse mortgage until the borrower, co-borrower, or eligible non-borrower moves out or passes away.

Variable Interest Rates and Reverse Mortgages

Many reverse mortgages are fixed-rate, meaning they have a set interest rate that won’t change over the loan.  Variable-rate mortgages do change. They are tied to index and margin rates for mortgage lending. That means they can increase or decrease if changes occur in rate benchmarks. 

There are also several different types of reverse mortgages, including:

  • Single-purpose reverse mortgages: A variation of a reverse mortgage that can pay for property taxes and repairs.
  • HECM loans: Home Equity Conversion Mortgages – a government-insured type of reverse mortgage.
  • Proprietary reverse mortgages, also sometimes called jumbo reverse mortgages, can provide a higher amount of loan than HECM loans can offer.

Considering Different Kinds of Reverse Mortgage

According to Investopedia, there are “unscrupulous lenders out there looking to take advantage of borrowers.” This is why speaking with an experienced mortgage broker who understands different reverse mortgage programs, interest rates, and terms is essential. California Platinum Loans is experienced and qualified to discuss reverse mortgages and options with you. Don’t hesitate to contact them and learn more.


Kagan, Julia. “Proprietary Reverse Mortgage,” Investopedia, 10 June 2021

Lake, Rebecca. “Interest Rates for Reverse Mortgages,” Investopedia, 11 August 2022