Reverse Mortgage | San Diego | Home Equity Mortgage for Seniors

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Reverse Mortgage — San Diego Seniors Love It!

Posted 12-9-09
The new FHA limit of $625,500 is now in effect.

Under the new limit a 75 year-old homeowner with a home that appraised at over $625,500 could increase the cash they would receive on a HECM reverse mortgage by $135,316 compared to the previous limit of $417,000.

In the above example, if the 75 year-old homeowner had no existing loan on their property, they could receive $400,641 in cash, credit line or monthly payments.

A "reverse" mortgage is an equity loan based on your home's value that you do not have to pay back for as long as you live in your home in San Diego. A reverse mortgage pays you in one of the following ways:

all at once, in a single lump sum of cash,
as a regular monthly loan advance,
as a "creditline" that lets you decide how much cash to use and when to use it, or
as a combination of these payment methods.

The lender does not share in the price appreciation of your home; you keep title to the property and you are not required to make monthly payments on the loan. There are no income or credit requirements and there are no restrictions on what you use the money for.

Wouldn’t it be nice to:

Increase your monthly spendable income?
Buy a long-term care policy?
Travel?
Make some home improvements?
Give some money to your kids, NOW?

A Reverse Mortgage can make these things possible.