Your San Diego Reverse Mortgage Specialists

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We specialize in San Diego Reverse Mortgages for seniors. A reverse mortgage enables San Diego senior homeowners to sustain their retirement while living in the home and community they love. Contact us for reverse mortgage information and our no obligation reverse mortgage informational package. We provide reverse mortgages for seniors throughout San Diego, California and surrounding area. All Reverse Mortgage Company, San Diego CA.  

We often offer much Lower Rates & Fees than your local Credit Union or Bank which may amount to thousands of dollars of retained equity through the life of your Reverse Mortgage

We offer more programs than any other company including several Government Insured & Private Jumbo Programs

Our San Diego Specialists are some of the most dedicated and talented professionals within our industry assuring you a truly no-hassle & timely close

About: San Diego Reverse Mortgages

The City of San Diego is the second most populous city in California.   In fact, with an estimated population of 1,250,000 it is the 7th most populous city in the United States.  The City of San Diego is part of the San Diego Bay metropolitan area and is among the most densely populated cities in the country.  Due to the more than 2.9 million people who live in the county, there is ample need for reverse mortgage products. The city lies on the edge of the San Diego Bay, with the Pacific Ocean to the west. 

Reverse mortgages in Southern California, and more specifically in the San Diego area, are more heavily weighted toward the jumbo products than many other areas of California and other parts of the country.  The HUD Home Ownership Center (HOC) has endorsed over many thousands of Home Equity Conversion Mortgages (HECM’s) but because of the high property values in the area, the San Diego market lends itself more readily to a higher lending limit.  Borrowers seeking reverse mortgages in San Diego and the surrounding areas do consider the HUD HECM but with the higher property values, the jumbo or proprietary reverse mortgages do give many San Diego reverse mortgage borrowers more proceeds. 

San Diego Reverse Mortgage Limits

H.R. 3221 (The Housing and Economic Recovery Act of 2008), that was signed into law on July 30, 2008 will raise the limits to make the HUD HECM more desirable for many San Diego senior borrowers as soon as HUD has had the opportunity to fully digest the Bill and determine the actual implementation.  At question is the manner at which the limits will be determined and whether or not the Bill calls for a national limit or whether there will be larger loan limits in higher cost areas.  Regardless of how the Bill is interpreted, San Diego borrowers will receive benefit of the higher loan limits from this Bill due to the high cost of housing in their market.  This is good news to San Diego senior borrowers who will be able to utilize the HUD reverse mortgage for purchasing, for coops and other circumstances not readily available on jumbo programs that will be available under the changes from H.R. 3221.

A reverse mortgage uses on actuarial tables much the same as insurance products and borrowers receive more money they older they are.  Therefore, a 62 year old borrower just meeting the age requirement will receive much less cash than a 78 year old borrower with the same $500,000 home.  When borrowers do not take all their funds at the beginning of the loan and choose to use the line of credit option, the line of credit grows annually on the unused portion as the borrower would be eligible for a higher loan amount at the increased age.  Some borrowers have asked whether or not they should wait for a few years to apply until they are older to take advantage of higher principal limits for older borrowers.

Only you and your trusted financial advisors know your situation but there are other factors which go into the determination of how much money you will receive on a reverse mortgage which also include interest rates and property values.  If your property value declines, you may be eligible for less money.  If the interest rates rise from their current near-historic low levels, then you may also be eligible for less money.  The other factor that changes on which we have already seen several changes this year alone is the margin.  The margin is added to the index to determine the final rate you pay and margins have risen this year as uncertainty has grown in the mortgage secondary market.  When the margin rises, your ultimate rate increases and you will receive less money.

The only constant is your age…you do know how old you are and you do know when your next birthday is.  No one can predict the future with interest rates or property values.  If the values rise considerably, you can refinance a reverse mortgage and the HUD insurance does not need to be paid a second time…you would just pay the difference, if any, from your old premium amount to the new premium based on any increase in the principal lending limit in your area.  The Senior Specialists at All Reverse Mortgage Company are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily.  If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!