Reverse Mortgage Loans
Reverse Mortgage Loans in San Diego
Reverse mortgage loans are for seniors looking to get some cash out of the equity in their homes. The opposite of a regular mortgage, funds are paid out instead of in and the principal loan amount decreases rather than increases.
San Diego Reverse Mortgage Loans 101
Is a Reverse Mortgage Loan Right for Me?
A reverse mortgage loan might be right for you if you’re a senior who owns your home and wants to convert some of the equity in your property into cash that you can use.
Benefits of a Reverse Mortgage Loan in San Diego
More Liquidity
If you own your own home, you’re sitting on a lot of cash. A reverse mortgage lets you access those funds.
No Credit Necessary
A good credit score is not required – you’ve already paid off your loan so there’s no risk of default!
No Income Requirements
You don’t need to have any income to qualify for a reverse mortgage loan. Your property is your qualification.
Payment Options
You can take your cash out as a lump sum, monthly payment, or line of credit – or a combination.
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 in question
- Be able to pay property taxes, insurance, etc.
Reverse Mortgage Loan FAQs
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Can the lender take my home away if I outlive the loan?
No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the home and keeps the taxes and insurance current.
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How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area. Generally, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow.
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Will I still have an estate that I can leave to my heirs?
When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.
What Our Clients Say
Craig was instrumental in me and my wife buying our first home together. He was able to get us a great rate, even with my low [credit] score, and we were able to move into our new home. We are very pleased with the service and professionalism Craig provided us and will continue to work with him for all of our housing finances in the future.
We highly recommend UW Funding. We are on our second home purchase with Craig. You lose sleep buying your first home and it’s comforting to know you have the right lender looking out for your best interests. Two years later, we are on our second home and, just like the first, best rate, no fees and thousands of dollars saved!
We are so glad we trusted Craig with our refinance. We were able to take cash out with absolutely no fees! In hindsight, we wished we would have used him for our purchase. Sure enough, we had a straightforward closing with no surprises and we are truly grateful for our friends referring Craig to us.
Begin Your Home Loan Journey Today
Ready to get started? Get a quick quote or contact Craig to ask questions and discuss your options.
