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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