San Diego Reverse Mortgage Lenders
Reverse mortgage lenders in San Diego offer the HECM reverse mortgage which is the only reverse mortgage insured by the U.S. Federal Government. Applying for a San Diego reverse mortgage is as easy as calling our local office and speaking with one of our reverse mortgage experts to discuss your options. (858) 999-3737
Learn more about reverse mortgages in San Diego and how you can stay in your home without making a mortgage payment. Reverse mortgages have been around for many years, but have become more popular over the last 5 years. A HECM reverse mortgage allows seniors 62 years or older stay in their homes without a mortgage payment, and depending on the equity, they may have the ability to draw cash from the home as well.
Our reverse mortgage specialist can explain this type of home loan over the phone, or come to your home and answer your questions in person. There are many benefits to a reverse mortgage, but they are not for everyone. Unfortunately, many people still do not understand fully how these home loans work, and there a few people qualified to properly explain the loan. Our licensed mortgage professionals that offers these loans are well versed in these programs and can explain them to you.
- Be 62 years of age or older
- Own the property outright or paid-down a considerable amount
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
- Participate in a consumer information session given by a HUD- approved HECM counselor
- Property Requirements
The following eligible property types must meet all FHA property standards and flood requirements:
- Single family home or 2-4 unit home with one unit occupied by the borrower
- HUD-approved condominium project
- Manufactured home that meets FHA requirements
- Income, assets, monthly living expenses, and credit history will be verified.
- Timely payment of real estate taxes, hazard and flood insurance premiums will be verified
For adjustable interest rate mortgages, you can select one of the following payment plans:
- Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term – equal monthly payments for a fixed period of months selected.
- Line of Credit – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
- Modified Tenure – combination of line of credit and scheduled monthly payments for as long as you remain in the home.
- Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
More information can be found: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou
We have mortgage professionals that can assist you anywhere in San Diego County California
Reverse Mortgage Lenders Carlsbad
Reverse Mortgage Lenders Chula Vista
Reverse Mortgage Lenders Coronado
Reverse Mortgage Lenders Del Mar
Reverse Mortgage Lenders El Cajon
Reverse Mortgage Lenders Encinitas
Reverse Mortgage Lenders Escondido
Reverse Mortgage Lenders Imperial Beach
Reverse Mortgage Lenders La Mesa
Reverse Mortgage Lenders Lemon Grove
Reverse Mortgage Lenders National City
Reverse Mortgage Lenders Oceanside
Reverse Mortgage Lenders Poway
Reverse Mortgage Lenders San Diego
Reverse Mortgage Lenders San Marcos
Reverse Mortgage Lenders Santee
Reverse Mortgage Lenders Solana Beach
Reverse Mortgage Lenders Vista