Reverse Mortgage Facts – Everything You Need to Know

A reverse mortgage is a specialized home loan for homeowners aged 62 and older, enabling them to convert part of their home equity into cash without selling their property. Unlike traditional mortgages, no monthly payments are required—the loan is repaid when the homeowner moves, sells, or passes away.

The advantages of a reverse mortgage in San Diego include:

• Tax-free cash access to boost retirement income
• No mandatory monthly mortgage payments
• Homeowners maintain full ownership of their home
• Multiple payout options: lump sum, monthly disbursements, or a credit line
• Non-recourse loan protection—heirs won’t owe more than the home’s market value

The amount you qualify for depends on several factors, such as:

• The home’s current market value (higher-value properties may qualify for jumbo loans)
• The youngest borrower’s age
• Existing interest rates
• Chosen loan structure and payout method

A jumbo reverse mortgage is tailored for high-value properties exceeding FHA loan limits, offering:

• Higher cash payouts than FHA-backed HECM loans
• No mortgage insurance premiums (MIP)
• Customizable loan terms and payment structures

Absolutely! Refinancing your reverse mortgage allows homeowners to replace their current San Diego reverse home mortgage with a new one to:

• Tap into additional equity if home values have increased
• Secure a more favorable interest rate
• Access improved loan terms

The process starts with a free consultation with a licensed reverse mortgage expert. Our team at Green Monarch will assist you through:

• Initial eligibility review and assessment
• Loan application and home appraisal
• Mandatory financial counseling (FHA requirement)
• Loan approval and disbursement