@whatsamortgage_: 🚨 CALIFORNIA HOMEOWNERS — PAY ATTENTION TO AB 2050. Governor Gavin Newsom signed AB 2050, which changes how certain California HOAs will be required to fund their reserve accounts. Starting January 1, 2032, the reserve study will look at whether the HOA has enough money set aside so its projected reserve balance does not fall below zero over the following 30 years. If the HOA is projected to run short, the law can require significantly more money to be directed toward reserves, including a minimum transfer of 15% of the HOA’s gross annual budget under the circumstances specified in the law. Why should homeowners care? HOA reserves pay for major future expenses — roofs, plumbing, pavement, structural repairs, common-area improvements and other big-ticket repairs. If an HOA is underfunded and needs to put more money away, homeowners could potentially face higher assessments or special assessments. And this is exactly why I like having a HELOC available before you actually need the money. If you’re suddenly hit with a large special assessment and don’t have enough cash available, a HELOC can give you access to your home equity. Borrowing still has costs, but it can give you another source of liquidity when an unexpected expense hits. And remember: unpaid HOA assessments can potentially become a lien against your property. 🏠 If you want my help with a HELOC, comment DYNAMIC. Follow and share What’s A Mortgage to stay up to date on California housing, mortgage and homeowner news. #CaliforniaRealEstate #CaliforniaHomeowners #HELOC

Minh Nguyen | Mortgage Broker

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Thursday 01 October 2026 16:01:20 GMT