Are you a homeowner age 62 or older? What could you do if you had more income to pad your finances? Imagine the possibilities.
If you are looking for a way to increase your monthly cash flow during your retirement years, 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.
Extra Income for Your Golden Years
Reverse mortgages are different from most lending products in a couple of important ways:
- You have absolute freedom in how you use your funds you receive.
- The loan is not due unless you sell the home, or all borrowers listed have passed away.
Tapping into your equity through a reverse mortgage in San Diego is like getting an additional income stream during retirement.
Repair or improve your home or go on a vacation—whatever you want to do with the money is up to you.
What is a Reverse Mortgage?
How does a reverse mortgage work? When you take out a reverse mortgage, usually a Home Equity Conversion Mortgage (HECM), you borrow against your home equity.
This is a way of tapping into your hard-earned investment in your home.
Reverse mortgages are only available to seniors aged 62 and above, but only a single borrower on the loan needs to meet this requirement.
As your reverse mortgage lender in San Diego, Maureen Martin can answer all of your questions and walk you through the process during your consultation. She will take the time that big box San Diego reverse mortgage companies don’t, ensuring that a reverse mortgage is the ideal match for your needs.
With a Reverse Mortgage in San Diego, You Can …
- Improve or repair your home
- Put a down payment on a second home
- Pay off a mortgage you already have
- Cover medical expenses now and in the future
- Pay off high-interest debt
- Create an emergency fund
- Help pay for grandchildren’s education
- Purchase a new automobile or finish paying on an old one
- Go on your dream vacation
- Enhance peace of mind
- Remain independent
- Stay in the San Diego home that you love
Have other plans or ideas for how to use extra income during retirement? With a reverse mortgage, you are in charge of how you use your money.
And since you can opt for a lump sum and receive the money all at once, you can even cover large expenses upfront.
With a Reverse Mortgage in San Diego, You Can Live in Your Home As Long As You Like
When does a reverse mortgage come due? You do not need to worry about paying off the loan, nor do you ever have to leave your house.
No payments on a reverse mortgage are required until a maturity event occurs.
Examples of maturity events include:
- The death of the last borrower
- Selling the house
So, as long as you choose to stay in your home for the rest of your life, you never need to worry about paying on the loan.
How is a Reverse Mortgage in San Diego Paid Off?
The balance on the loan will pass to your heirs once the last borrower on the loan passes away.
At that point, they have options. They can either sell the home to repay the reverse mortgage, or they can keep the home and choose another means to pay off the loan.
San Diego Reverse Mortgage Benefits
- A reverse mortgage allows you to draw from the investment you have already 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, including a lump sum. This is ideal if you need to pay for a surgery or other major medical procedure, an expensive repair, or any other large expense.
- You can use the income from the reverse mortgage in San Diego in any way you choose. You are in full control.
- Often, reverse mortgage income cannot be taxed.
- With a reverse mortgage, your other savings and investments for retirement can go further.
- Unlike with a home equity line of credit (HELOC), a reverse mortgage doesn’t need to be paid off until a maturity event takes place. No monthly payments are required, and if you do not break the terms, it cannot be revoked, reduced, or frozen.
During your consultation, we can discuss your goals and whether a reverse mortgage will help you meet your financial objectives.
Do You Qualify for a Reverse Mortgage in San Diego?
- At least one of the borrowers must be age 62 or higher.
- 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 can help you figure out if you are eligible for a reverse mortgage during your consultation.
Live Your Best Life During Your Golden Years. Apply Now for a Reverse Mortgage.
You worked hard to build equity in the home that you love and to settle down to enjoy your retirement.
You deserve to get the most out of your golden years. A San Diego reverse mortgage may just be the key to the financial freedom you need to enjoy a higher cash flow and greater peace of mind.
Ready to find out if you qualify? Maureen Martin would love to help. To schedule your consultation.