Reverse Mortgage Loans
Strategic financing for senior citizens.
San Diego Reverse Mortgage Loan
Reverse mortgage loans are for senior homeowners looking to convert part of their home equity into cash. These loans are “reversed” since the lender pays back the borrower, and borrowers are not required to repay the loan until they leave the property.
About Reverse Mortgage Loans
- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a San Diego Reverse Mortgage Loan Right for You?
A reverse mortgage loan might be right for you if you are 62 years old and above, you own your home and you’d like to turn some of the equity in your property into cash that you can use.
Benefits of a Reverse Mortgage Loan
A reverse mortgage loan lets you access cash out of your home’s equity.
No Credit Required
Since you’ve already paid off your loan, there’s no need to worry about defaulting. A good credit score is not required.
No Income Necessary
Unlike other loans, you don’t need to have any income to qualify for a reverse mortgage loan.
Flexible Payment Options
Receive cash as a lump sum, monthly payment, a line of credit, or a hybrid of these options.
San Diego Reverse Mortgage Loan Eligibility Requirements
- Be at least 62 years old
- Own your home outright or have a low mortgage balance
- Live in the property
- Ability to pay property taxes, insurance, etc.
Reverse Mortgage Loan FAQs
Can my lender take away my home if I outlive the loan?
No. You do not need to repay the loan provided that you or one of the borrowers continues to live in the home. Property taxes and insurance also need to be current.
How much cash can I get?
There are different factors to consider including: the appraised home value, your age, current interest rate, or the FHA’s mortgage limits for your location. Typically, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow.
Will I still have an estate that I can leave to my heirs?
You or your estate will repay the cash you received from the reverse mortgage loan, plus interest and other fees to the lender when you sell your home. If there is remaining equity in your home, then it belongs to you or to your heirs.
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