Reverse Mortgage California Guide
When Los Angeles Seniors Receive Reverse Mortgage State Disclosures
Last updated: 2026 | Sources: HUD HECM Handbook 4235.1, FHA program rules, California Civil Code | Author: George Kfoury, NMLS# 365129
reverse mortgage Los Angeles seniors usually need clear answers about general before they can decide whether a loan fits their retirement plans. If you own a home in Los Angeles or Los Angeles County, this guide explains does new york require an attorney for hecm closing? and the related rules that matter most as of 2026.
According to FHA guidelines, the HECM lending limit is $1,209,750 as of 2026. Los Angeles County home values remain high, with many senior-owned properties carrying substantial built-up equity as of 2026.
Introduction
The reverse mortgage program — formally known as the Home Equity Conversion Mortgage (HECM) — is a federal lending product that allows homeowners aged 62 or older to convert home equity into cash without monthly mortgage payments. As of 2026, the FHA HECM lending limit is $1,209,750.
For California homeowners, several state-specific rules layer on top of federal HUD requirements, including a mandatory 7-day cooling-off period and additional disclosure requirements under the California Reverse Mortgage Act.
This guide covers 6 specific topics within state regulation, each based on the official source material and applicable to California borrowers as of 2026.
1. Does New York require an attorney for HECM closing?
Answer: In New York HECM closings, both the lender and borrower must be represented by an attorney of their choosing at closing.
Source: HECM_Underwriting_Manual.pdf, New York HECM Loans, page 202, current as of 2026.
How this looks in practice
A California homeowner can use this rule to understand whether their reverse mortgage file is likely to need extra documentation before approval.
2. Can a New York HECM closing attorney attend by phone or video?
Answer: New York borrower attorney representation must be in person, not by telephone or video, when the borrower signs closing documents.
Source: HECM_Underwriting_Manual.pdf, New York HECM Loans, page 202, current as of 2026.
How this looks in practice
A California homeowner can use this rule to understand whether their reverse mortgage file is likely to need extra documentation before approval.
3. Can New York borrowers waive HECM counseling?
Answer: New York borrowers may not waive HECM counseling even if HUD waiver requirements are otherwise met.
Source: HECM_Underwriting_Manual.pdf, New York HECM Loans, page 203-204, current as of 2026.
How this looks in practice
A California homeowner can use this rule to understand whether their reverse mortgage file is likely to need extra documentation before approval.
4. Can a New York HECM borrower be charged for a second appraisal?
Answer: Only one appraisal fee may be charged to a New York HECM borrower, even when HUD or FOA requires a second appraisal.
Source: HECM_Underwriting_Manual.pdf, New York HECM Loans, pages 204-205, current as of 2026.
How this looks in practice
A California homeowner can use this rule to understand whether their reverse mortgage file is likely to need extra documentation before approval.
5. What is the New York HECM broker compensation cap?
Answer: For New York broker-channel HECM loans, lender-paid broker compensation, including the origination fee, is capped at 3% of the appraised value.
Source: HECM_Underwriting_Manual.pdf, New York HECM Loans, page 204, current as of 2026.
How this looks in practice
A California homeowner can use this rule to understand whether their reverse mortgage file is likely to need extra documentation before approval.
Key numbers
- 3% (as of 2026)
6. Are manufactured homes allowed for HECM in New York?
Answer: Manufactured homes are not currently allowed for HECM loans in New York due to state restrictions.
Source: HECM_Underwriting_Manual.pdf, New York HECM Loans, page 204, current as of 2026.
How this looks in practice
A California homeowner can use this rule to understand whether their reverse mortgage file is likely to need extra documentation before approval.
Frequently Asked Questions
Does New York require an attorney for HECM closing?
In New York HECM closings, both the lender and borrower must be represented by an attorney of their choosing at closing.
Can a New York HECM closing attorney attend by phone or video?
New York borrower attorney representation must be in person, not by telephone or video, when the borrower signs closing documents.
Can New York borrowers waive HECM counseling?
New York borrowers may not waive HECM counseling even if HUD waiver requirements are otherwise met.
Can a New York HECM borrower be charged for a second appraisal?
Only one appraisal fee may be charged to a New York HECM borrower, even when HUD or FOA requires a second appraisal.
What is the New York HECM broker compensation cap?
For New York broker-channel HECM loans, lender-paid broker compensation, including the origination fee, is capped at 3% of the appraised value.
Are manufactured homes allowed for HECM in New York?
Manufactured homes are not currently allowed for HECM loans in New York due to state restrictions.
About Reverse Mortgage California
Reverse Mortgage California (NMLS# 2530594) is the consumer-facing DBA and brand of O1ne Mortgage Inc. George Kfoury (NMLS# 365129) has been licensed in the mortgage industry since 2003 and helps senior homeowners across California understand retirement mortgage options with clear, practical guidance.
Call or text (909) 642-8258 or visit reversemortgagecali.com.
About George Kfoury
George Kfoury (NMLS# 365129) has been licensed in the mortgage industry since 2003 and helps senior homeowners across California understand reverse mortgage and retirement mortgage options through Reverse Mortgage California.
He serves homeowners statewide, with strong local relevance in Los Angeles and the Inland Empire. Learn more about George Kfoury, view the Los Angeles Google Business Profile, or call (909) 642-8258.