Our San Diego Reverse Mortgage Options
We’ll help you find the perfect California reverse mortgage company for your unique life needs.
San Diego Reverse Mortgage Loan Process
Our team’s reverse mortgage specialist will guide you through the entire process using our simple, streamlined approach.
See today’s mortgage rates in less than 60 seconds
Get a quoteGet a San Diego Reverse Mortgage Quote
Alleviate your financial worries and see how much income your home can generate with a no-obligation quote.
San Diego Reverse Mortgages: Secure Your Financial Future
San Diego County is beautiful but pricey, making it difficult for older homeowners to enjoy their golden years. Thankfully, a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, can help you receive the funds you need to thrive.
Benefits of a San Diego Reverse Mortgage
San Diego, California, is one of the most expensive places in the country; home values are currently around $1,013,179, up 8.6% in just the past year. In addition to this, San Diego County has extremely high property taxes, and the California cost of living is 38% higher than the national average.
Thankfully, homeowners over the age of 62 can alleviate any worry about their finances by applying for a reverse mortgage. These specialized mortgage products help you maintain your quality of life by paying you part of your home’s value – without having to move out of the home you love.
Unlike a home equity line of credit or loan, you will only have to repay the loan once you move out of the house, and you can be paid in the way that best matches your specific financial needs.
Whether you want to increase your savings, pay off other debt like medical expenses, or even purchase a vacation home, reverse mortgages eliminate your monthly mortgage payments and provide consistent, tax-free income.
How Does a San Diego Reverse Mortgage Work?
Most individuals will choose a Home Equity Conversion Mortgage (HECM), insured by the Federal Housing Administration (FHA). To qualify for a reverse mortgage, borrowers must be age 62 or older, have at least 50% home equity, and use the home as their primary residence.
They should not owe any federal debt or be able to pay it off with their loan proceeds before receiving their funds. Additionally, they must continue paying property taxes and insurance to avoid foreclosure.
To use the HECM reverse mortgage program, the borrower must undergo mandatory financial counseling by a HUD-approved counselor, such as CSA San Diego County.
Once the reverse mortgage lender has approved your loan, you can receive the money in several ways: as a line of credit, lump sum payment, or monthly payments. It’s also possible to obtain a mixture of these options. The loan limit for a HECM is $1,149,825.
The loan must be repaid if you transfer ownership of the home or no longer use it as your principal residence. If you pass away with a reverse mortgage, your heirs must cover the loan or put the house up for sale. The sale must be worth at least 95% of the appraised value if the home’s underwater.
Why Choose Arnaiz Mortgage for Your San Diego Reverse Mortgage
Our reverse mortgage specialists are committed to helping California residents get reverse mortgages that best meet their needs. Arnaiz Mortgage’s loan officers will take the time to understand your specific financial goals and match you to the right lenders.
Trust and transparency are the underpinnings of any successful loan transaction, so we will take the time to fully explain the reverse mortgage loan process to you and answer all of your questions.
Most importantly, we are familiar with the local San Diego, California, market and can advise you on the best options based on your home equity, potential market fluctuations, and your specific goals.
Contact us today at (623) 806-4645 to set up a no-obligation consultation with our loan specialists or get a quote to see how much you can receive from your San Diego, California, home.