San Diego Reverse Mortgage
Accurate Reverse Mortgage Corp. - San Diego's Local Reverse Mortgage Company
When it comes to reverse mortgages in San Diego and anywhere in California, choose Accurate Reverse Mortgage for personalized service that truly counts.
Accessing Home Equity by Exploring Reverse Mortgages in San Diego
In San Diego and throughout California, property values have seen remarkable growth over the past decade. This real estate boom has led to substantial increases in home equity for long-time homeowners. With inflation adding to the challenges to cost of living on a fixed income in retirement, many seniors and older homeowners in San Diego and across California are exploring reverse mortgages as a way to access some of their home's wealth and equity.
As a leading reverse mortgage company in San Diego, California - We take great pride in our service to San Diego and the entire state of California. We are focused on delivering personalized reverse mortgage solutions to older homeowner's looking to incorporate part of their home equity in their retirement plan. Located centrally here in San Diego, we are dedicated to helping educate individuals about how reverse mortgages work and what they could potentially offer them. When it comes to reverse mortgages, look no further than John Correll. With over 25 years of mortgage expertise and the CRMP (Certified Reverse Mortgage Professional) designation, you can trust in his unparalleled knowledge and skill.
Let's Navigate Your San Diego Reverse Mortgage Possibilities
(619) 294-9820
John Correll, CRMP - Certified Reverse Mortgage Professional in San Diego
Located locally in San Diego - serving the entire state of California
About San Diego, California
San Diego is located in the southern most part of the Golden State. San Diego is known for its stunning coastal beauty and warm climate and offers a true "Southern California Lifestyle". As a thriving city of 1.3 million (based on 2020 US Census Data) San Diego offers many diverse neighborhoods and rich cultural scenes. San Diego is a unique blend of Mexican and American influences. On one had it is considered to be one of the most "laid back" major cities in California, but also has a thriving downtown and urban center with highrise condos and a true urban living lifestyle. Each neighborhood in San Diego is like a city within a city offering a wide array of things to do see and eat. The warm and sunny weather offer a healthily lifestyle for those who love to hike, walk or enjoy the water.
10 Popular Attractions to Visit in San Diego:
- SeaWorld San Diego: Enjoy marine life up close with animals, exciting rides, and entertaining shows at Seaworld San Diego.
- Balboa Park: Explore a beautiful park with museums, gardens, theaters, and stunning architecture for art and nature lovers.
- Sunset Cliffs Natural Park: Watch beautiful sunsets over dramatic cliffs at this scenic park.
- Gaslamp Quarter: Experience San Diego's nightlife and great food in this historic area.
- Cabrillo National Monument: Hike to a historic lighthouse, enjoy views of the bay, and learn about explorer Juan Rodriguez Cabrillo.
- La Jolla Cove: Snorkel, watch seals, or just enjoy the view of marine life along the coast.
- Old Town San Diego State Historic Park: Explore historic buildings, shops, and restaurants in a place that brings California's history to life.
- San Diego Zoo: Visit a famous zoo with animals from around the world, perfect for all ages.
- USS Midway Museum: Discover naval history on an aircraft carrier, with interactive exhibits and planes.
- Birch Aquarium at Scripps: Learn about the ocean through interactive displays and marine life.
San Diego Real Estate and the World of Reverse Mortgages
In San Diego, where real estate values are high compared to the rest of the county, there are unique opportunities for older homeowners who might be looking to access a portion of their home's equity. Reverse Mortgages provide a solution for many retirees who want to tap into their part of their property's equity while retaining ownership and continue living in their San Diego homes. There are various reverse mortgage options available on the market today, including Jumbo Reverse Mortgages, which can offer loans up to $4 million. Whether you reside in San Diego or anywhere else in the great state of California, we're here to help you navigate the ins and outs of reverse mortgages so you can make an informed decision. John Correll is a certified specialist in reverse mortgages, holding the CRMP (Certified Reverse Mortgage Professional) designation. John can discuss your options over the phone or meet with you at your San Diego residence or our central San Diego office. Together, we'll explore the world of reverse mortgages.
I personally invite you to reach out to me at (619) 294-9820 or (888) 603-1550.
John Correll, CRMP
Certified Reverse Mortgage in California
We Offer:
phone appointments - office consultations
remote paper & digital proposals
in-home appointments in San Diego and much of Southern California
John Correll, CRMP
Certified Reverse Mortgage Professional in San Diego, California
Reverse Mortgage Loan Programs in San Diego
Explore the San Diego Reverse Mortgage Loan Programs That We Offer. We Are Located Locally in San Diego But We Serve All of California. These Pages Map Out the Various Loan Programs We Offer San Diego.
All reverse mortgage products are available statewide across all of California.
All of our reverse mortgage loan programs are available statewide across all of California.
Potential Benefits of a Reverse Mortgage in San Diego
San Diego Reverse Mortgages: 15 Benefits to Consider
There are many potential benefits and advantages of reverse mortgage to explore. While this list is in no way complete, here are a few to get started looking into:
- Flexible Spending: Individuals can use the funds from a reverse mortgage without restrictions on how they are spent.
- No Monthly Mortgage Payments: One of the key advantages is the elimination of the need for monthly mortgage payments. NOTE: reverse mortgages do not have a monthly mortgage payment requirement, but to stay current at least one borrower must maintain the home as their primary residence and continue to pay ongoing property charges like property taxes, homeowners insurance bills, hoa dues (if any) and home maintenance. If those are done the borrower is not required to make any monthly mortgage payment which is why reverse mortgages are so popular.
- Non-Recourse Protection on Home Values: A reverse mortgage is a non-recourse loan and safeguards borrowers from owing more than their homes are worth. Any future home value decline after closing will never trigger the loan to become due simple based on the property value in the future.
- Stay in Current Home: Reverse mortgages allow homeowners to continue living in their homes as their primary residences with access to funds provided by the reverse mortgage. (borrower must continue to live in home, pay ongoing property taxes, homeowner's insurance and maintenance expenses.)
- Financial Flexibility: Reverse mortgages can enhance financial security by converting some home equity into usable funds.
- Flexible Payout Options: Borrowers have the flexibility to choose from different methods of receiving the funds based on their financial needs..
- Tax-Free Income: The funds received from a reverse mortgage are loan proceeds and not considered taxable income. (not tax advise - consult your advisor)
- Access to Home Equity: Through a reverse mortgage, homeowners can access funds from a portion of the equity in their homes.
- Line of Credit: Borrowers can access a line of credit, which can be used as needed and may grow over time. (available on adjustable rate reverse mortgages)
- Estate Planning: Reverse mortgages can be used as a tool for estate planning, allowing homeowners to utilize home equity during their lifetimes while still being able to pass on any remaining equity in the the property to heirs who can choose to sell the home or refinance the balance into their own name and keep the home.
- Compatible With Regular Social Security and Medicare: Reverse mortgage proceeds do not affect eligibility for standard Social Security or Medicare benefits - however if a borrower is on a "needs based" program such as disability, Medi-Cal, food assistance or other special programs - they should consult an advisor or program administrator to make sure drawing funds doesn't affect special program eligibility which can often have asset limitations. In those cases borrower could consider leaving most funds in a line-of-credit. Borrower should consult an advisor on this.
- Option to Downsize: Individuals may consider downsizing or moving if it aligns with their lifestyle, without facing penalties associated with a reverse mortgage.
- Asset Diversification: Homeowners can diversify their assets by converting a portion of home equity into liquid assets.
- Financial Security: Reverse mortgages can enhance financial security by converting some home equity into usable funds.
- No Prepayment Penalty: Borrowers have the flexibility to repay the loan at any time without incurring penalties.
Steps to Apply For a San Diego Reverse Mortgage
Step-by-Step Guide to Obtain a San Diego Reverse Mortgage:
Research and Counseling:
- Learn about reverse mortgages - speak to a loan officer and request a personalized proposal quote
- Review loan terms and costs and consider benefits.
- Attend a counseling session.
Choose a Lender:
- Pick a reputable lender offering reverse mortgages.
Apply for the Loan:
- Contact the lender and complete the application.
Financial Assessment:
- Share financial details with the lender. Loan officer will provide a list of documents needed.
- Home Appraisal:
- The lender assesses the home's value. - Underwriting and Loan Approval:
- Get approved for the reverse mortgage.
Closing:
- Sign loan documents and receive funds.
Use Funds:
- Use the money as needed for expenses or other planning.
- Ongoing Obligations:
- At least one borrower must continue to occupy home as primary residence.
- Borrower must continue to pay their ongoing property taxes, homeowner's insurance bills, hoa dues (if any) and maintenance on home.
Repayment at Maturity Event:
- Repayment is due when the last borrower permanently leaves the home or other maturity event (such as death, last borrower leaving the home or failing to pay ongoing property taxes, homeowner's insurance or home maintenance.)
- Borrowers have the flexibility to repay the loan at any time without incurring penalties.
NOTE: This is not a commitment to lend. Not all borrowers will qualify.
2023 San Diego Reverse Mortgage Lending Limits
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2023 San Diego HECM Reverse Mortgage Lending Limit: $1,089,300
- This amount represents the national lending limit for the HECM (Home Equity Conversion Mortgage) for 2023 which is established by HUD across the entire United States. The borrower who qualifies can access a percentage of the Max Claim Lending Limit - based on age of youngest borrower, current interest rates and appraisal.
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2023 San Diego Jumbo Reverse Mortgage Loan Limit: $4,000,000
- This amount represents the actual maximum loan amount - exceptions can be as high as $6 million. This loan type is designed for an older homeowner with a higher valued home which exceeds HUDS lending limits and has a desire for additional funds. The loan amount for the borrower who qualifies is based on the accepted appraised value, youngest borrowers age and current lending percentages for the proprietary loan products.
Reviewing Reverse Mortgage Options in San Diego
San Diego and California homeowners have some of the highest average home values in the country. If you have lived in your home for many years, you have probably built up a lot of equity. As an older homeowner there are a number of reverse mortgage loan programs which could serve as a tool to unlock some of the wealth in your San Diego home.
The best way to learn what a reverse mortgage could offer and if you qualify is to request a quote.
Let's have a conversation about your specific goals
and potential ways to unlock your San Diego home equity with a Reverse Mortgage.
(619) 294-9820 | (888) 603-1550
Your Local San Diego Reverse Mortgage Specialist
Serving all of California.
Accurate Reverse Mortgage Corp.
4025 Camino Del Rio S., Suite 339 San Diego, CA 92108
Our Reverse Mortgage Corporate Headquarters are Located Centrally in San Diego
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A+ experience working with John. He's very thorough and great to work with. He came out to our house and explained everything clearly. Always available to answer questions and quickly... read more
Steve Janofsky
John has helped my mother with her reverse mortgage needs and has done an excellent job. He is very respectable, kind, takes time to explain procedures and policies, and... read more
Cindy Morrow
Just to let everyone know that I have been communicating with a John Correll, CRMP for many years. I am a home owner and I have been re-financed for my... read more
John Matsumoto
We have done three reverse mortgages with John Correll and couldn't be more pleased! He is so easy to work with, explains everything in detail so there are... read more
L Adams
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We have referred John several clients of ours. I get nothing but great feedback from all of them. He is extremely knowledgeable when it comes to reverse mortgages and holds... read more
Ric Goodman
John is extremely knowledgeable when it comes to reverse mortage. He is friendly and kind full of patience especially when there is someone who like to ask a lot of... read more
Suanne Lusk
John is the greatest - full confidence in him never worried about anything and he kept me informed the whole way
Lois Spaulding
I had the pleasure of working with John for the entire Reverse Mortgage process. He was great, very informative, helpful and personable. He kept me updated through every... read more
Denelle Bush
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John Correll at Lineage Lending did our first reverse mortgage in 2018 and handled a refinancing of it in November, 2021. He is totally honest, trustworthy and well organized.... read more
Jon Cunningham
Want a Reverse Mortgage? The best thing you can do for yourself is call John. We just finished a RM refi and he was on top of it every step... read more
Ray Wing
A personal service lender instead of the large, out of the area firms that work by committee with o defined single point of contact. Better, more complete answers, tailored... read more
John Brown
John Correll Reverse Mortgage Specialist (Lineage Lending, Reverse Loans) is professional, the most honest person I could met in my whole life. He offered me the best... read more
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