Explore Reverse Mortgage Solutions in San Diego

Learn all about reverse mortgages from our expert team.

Learn about reverse mortgage solutions

A reverse mortgage is a home loan specifically designed for homeowners aged 62 or older. It allows you to borrow tax-free income against the equity in your home without having to make monthly payments. Unlike a standard mortgage where you’d have to pay the lender, the lender will pay you if you get a reverse mortgage loan. Although reverse mortgages can be extremely beneficial, they may not be the right choice for everyone, and we’re here to help you decide.

Consult our real estate experts

After having been in the business for so long, our real estate professionals understand all the ins and outs of mortgage options for seniors. They will tell you whether you qualify for a reverse mortgage and explain the different available options in detail. No matter what your specific situation may be, you can depend on us to carefully evaluate your needs and help you decide on the best mortgage program for you and help you avoid foreclosure.

Your needs come first

At Premiere Homes, we are fully committed to providing you with real estate guidance that always has your best interests in mind, and that is why we have started our Downsizing San Diego educational project. If you or a loved one are considering getting a reverse mortgage loan, you can count on us to be perfectly honest about all the benefits and pitfalls of this type of mortgage. We want to find what works best for you and will never resort to unethical sales tactics or rush you to take out a loan.

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    Enjoy reverse mortgage perks 

    If you decide that a reverse mortgage would be right for you or your loved one, you will get to enjoy the many benefits this type of loan offers. For starters, you will remain the legal owner of your home as long as you comply with the mortgage terms. You won’t have to make monthly mortgage payments, but will receive funds as long as you keep living in your home, and these are just a couple of the perks you’ll enjoy. A reverse mortgage can be an invaluable tool for your retirement financial planning, if done right.

    Why Choose Us

    Efficient services

    The Premiere Homes team is renowned for its efficiency and quick turnovers. We waste no time trying to meet your needs.

    Vast experience

    With over 25 years of experience, our real estate experts are fully qualified to help you make the best choice for your future.

    Flexible booking

    You can book your reverse mortgage consultation with ease and enjoy maximum flexibility and efficiency from start to finish.

    Trusted experts

    All of our team members are carefully screened, so rest assured that they are trustworthy, reliable, and highly knowledgeable.

    Mortgage guidance

    We are your best choice if you want to learn all about reverse mortgage funding and choose the program that suits you the best.

    Thorough services

    We utilize our specialized expertise to bring you a full range of downsizing and mortgage guidance services for seniors.

    Consult us on reverse mortgage loans & make the best move for your future

    Get downsizing assistance today!

    Frequently Asked Questions

    How does a reverse mortgage work?

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    Reverse mortgage loans, just like regular mortgages, enable you to borrow money using your house as a security for your loan. However, while a regular mortgage means making monthly payments to the lender in order to buy your home, a reverse mortgage allows you to get a loan against the equity in your home and have the lender pay you as long as you live in the property.

    With reverse mortgage funding, you are responsible to pay your homeowners insurance and taxes in a timely manner, maintain your home regularly, and use it as your primary place of residence. Each month, fees and interest are added to your loan balance, while your home equity diminishes. Once the borrower stops living in the home or passes away, the loan has to be repaid, often by selling the property.

    The information here applies to Home Equity Conversion Mortgages, or HECMs, the most common reverse mortgage type. In order to avoid some of the pitfalls that reverse mortgage may entail, we strongly recommend reaching out to experienced and knowledgeable professionals who will protect your long-term interests.

    How much money do you get from a reverse mortgage?

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    With a reverse mortgage loan, the amount you can borrow will depend on several factors, including:

    • The value of your home
    • Your age
    • The interest rate

    Generally, you will have three options for getting the money: monthly payout, lump sum payout and line of credit. The Premiere Homes team can guide you through the different options and help you pick the right one with confidence.

    Is now a good time to get a reverse mortgage?

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    If you are more than 62 years old and in a situation where the equity in your home is your largest asset, a reverse mortgage may be a good idea. However, there are several important factors you should consider before deciding to get a reverse mortgage now. It may be a good time to get a reverse mortgage if:

    • You have no other viable option to pay for your living expenses
    • You plan to keep living in your home for the rest of your life
    • Your home equity is high enough to leave you with reasonable payments after you pay off your existing mortgage
    • You have the means to maintain your home and keep up with homeowners insurance and property taxes

    Additionally, external factors such as the current housing prices and interest rates can also influence your decision regarding a reverse mortgage loan. Make sure to take your time to evaluate your specific situation and needs and reach out to Premiere Homes and consult our Downsizing San Diego resources for all the mortgage-related information you may need.

    What happens at the end of a reverse mortgage?

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    A reverse mortgage loan has to be paid if the borrower stops using the house as their primary place of residence or passes away. Most families choose to sell the home to pay it off. In case you get more for the house than what is owned, your heirs will get to keep the difference and use it.

    How do you pay back a reverse mortgage?

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    When the reverse mortgage borrower moves out or passes away, the loan typically has to be repaid. The most common options for paying back a reverse mortgage loan include:

    • Selling the house to pay off the balance
    • Selling your home for less than the balance and pay the HCEM using the difference
    • Providing the lender with a deed instead of going through the foreclosure process
    • Having an heir get a new mortgage after the death of the borrower

    Paying off a reverse mortgage loan can be a difficult and complex process. If you need more information on the available options, don’t hesitate to give us a call.

    Who can offer guidance on reverse mortgage funding in San Diego?

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    Premiere Homes is your best choice if you are in need of reverse mortgage guidance or beneficial downsizing services for seniors in San Diego. In addition to offering reverse mortgage solutions, you can also depend on us to help you sell your home successfully, find the perfect home for your needs, and manage the entire relocation process.

    Whether you are looking for a smaller home in Solana Beach or want to sell your home near Balboa Park, don’t hesitate to reach out to Premiere Homes. We are here to help improve the quality of your life and enable you to make confident decisions for your future. Keep browsing our Downsizing San Diego website or call us today!

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