Reverse Mortgages in San Diego

A reverse mortgage is a federally insured loan that allows San Diego homeowners aged 55 or older to convert a portion of their home equity into tax-free income without selling their home or making monthly mortgage payments. The loan is repaid only when the homeowner moves out, sells the home, or passes away. In San Diego’s high-value real estate market, reverse mortgages can unlock significant equity, providing financial flexibility for retirement, healthcare, or everyday expenses—all while retaining homeownership.

To qualify for a reverse home loan in San Diego County, you must be at least 62 years old, live in the home as your primary residence, and either own your home outright or have a low remaining mortgage balance. The property must be a single-family home, FHA-approved condo, or qualifying multi-unit residence. Lenders will assess your credit history, income, and ability to maintain taxes, insurance, and property upkeep to ensure long-term loan suitability.

The amount you can receive from a reverse mortgage in San Diego depends on your age, home value, current interest rates, and lending limits set by the Federal Housing Administration (FHA). Because San Diego’s median home prices often exceed national averages, qualified borrowers may access larger loan proceeds—potentially in the hundreds of thousands. Loan funds can be received as a lump sum, monthly payments, a line of credit, or a combination of these options.

While a reverse mortgage can be a powerful tool for older San Diegans, it isn’t right for everyone. Borrowers must continue paying property taxes, homeowners insurance, and maintenance costs, or risk default. The loan balance increases over time, which can reduce home equity and inheritance value. Additionally, closing costs and interest rates may be higher than traditional loans. It's vital to consult with a reverse mortgage specialist at Green Monatrch to fully understand your options and long-term implications.