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Frequently Asked Questions

What is a reverse mortgage?

A reverse mortgage is a federally insured product that allows for homeowners, age 62 or older, the ability to access a portion of their home equity in the form of cash. This can be in the form of a lump sum, monthly award or line of credit.

Is the HECM the same as a reverse mortgage?

That is correct! HECM is short for: Home Equity Conversion Mortgage. It is the
same program as the federally insured reverse mortgage.

Does the bank take ownership of my home?

Absolutely not! This is merely a mortgage lien*, just like any traditional
mortgage product.

Is this program only for people who are struggling financially?

Not at all. Although it helps many seniors in San Diego on fixed incomes live more comfortably, many turn to this option for additional security in retirement.

Will I be leaving my children with debt?

You do not have to! Payments can be made toward a reverse mortgage, just like
any other mortgage product. This program gives the borrower much more
flexibility regarding repayment options.

If my loan becomes more valuable than my home, how are my heirs impacted?

This is a non-recourse loan. This means the home stands alone for the debt, not
the homeowner or heirs. It is a concern some share when they do not plan on
making any payments toward the reverse mortgage loan over a vast span of

Is this loan program insured by the government?

Yes. The reverse mortgage program is regulated by H.U.D. (U.S. Department of
Housing and Urban Development) and is insured by the F.H.A. (Federal Housing
Administration). These entities set the guidelines lenders must abide by.