If you have a San Diego property, and are sixty two years of age or older, you may be a good candidate for a reverse mortgage. A reverse mortgage is different from a traditional mortgage loan in that it does not need to repaid as long as you live in the home. With a reverse mortgage, you can use the value, or equity, or your home as a way to get cash, through several dispersal methods, which include receiving the cash all at once, in a single lump sum payment, in regular monthly installments, as a credit line and as a combination of these methods.
Qualifying for a reverse mortgage in San Diego does not require the borrower to meet a set monthly income minimum, as is the case with more traditional types of home loans. This is because again, no monthly repayments are required as long as you live in the home. Homes eligible include single family dwellings or two to four unit properties that are owned and occupied by the borrower. In addition, townhouses, detached homes, and n some cases, manufactured homes are also eligible, and it is possible for individual condominiums to qualify under this type of loan as well.
Seniors may be concerned that their home will be taken from them if they outlive the life of their loan, or that if they opt for a reverse mortgage, they will not be able to pass their property on to their chosen beneficiaries. In actuality, as long as you or one of the borrowers lives in the house and keeps the home owners insurance and taxes paid and up to date, the reverse mortgage does not need to be repaid, and you will never owe more than the value of your hone.
When you decide to sell your home, or when it is no longer being used for your primary residence, either you or your estate will repay the amount that you received from your reverse mortgage, leaving the remaining equity to you, or your heirs.
With a reverse mortgage, as with any type of loan, there are certain risks and requirements that you should be aware of, and these may vary slightly both by state and region. Your San Diego mortgage lender should be the first person whom you consult, and will be able to give you individualized advice and information to help you determine whether a reverse mortgage is right for you.
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