If you are looking for a way to increase your monthly cash flow or finance repairs or improvements on your home, one great way to do it is through a San Diego reverse mortgage. With a reverse mortgage in San Diego, you can supplement your income by pulling equity out of your home. You may use this equity in any way you like.
A reverse mortgage is not the right option for everyone—it all depends on your individual finances. But in many cases, it is the perfect choice if you are trying to increase the liquidity of your assets while remaining in your home.
Maureen Martin with HomePlus Mortgage can assist you in determining whether a reverse mortgage might be the right fit for your needs.
San Diego Reverse Mortgage Benefits
If you qualify for a reverse mortgage in San Diego, you can look forward to the following advantages:
- A reverse mortgage allows you to draw from the investment you have made. You will be able to increase your standard of living without leaving your home.
- You can choose from any of a number of flexible disbursement options.
- You can use the payments in any way you choose. You are in full control.
- There may be tax benefits for getting a reverse mortgage as well.
Who Qualifies for a Reverse Mortgage in San Diego?
- At least one of the borrowers must be age 62 or higher.
- You must own at least 50% equity in your home.
- The home you are pulling equity from must be your primary residence.
- Before you can qualify, your tax history must be checked and approved.
- You need to maintain your home to FHA standards.
- You must be up to date on all payments associated with your home, including homeowners insurance, property taxes and homeowner’s association payments.
- You must meet the basic requirements for credit and income.
Maureen Martin with HomePlus Mortgage Can Help You Apply for a San Diego Reverse Mortgage
For seniors and others who own a significant amount of equity in their home and who are looking for more financial freedom, a reverse mortgage may just be the key.
If you are ready to find out whether you are eligible,
contact Maureen Martin with HomePlus Mortgage at