Using a Reverse Mortgage to Retire Comfortably in San Diego’s Expensive Housing Market
Retiring in San Diego is wonderful, but the high cost of living can make it hard to stay comfortable on a fixed income. A San Diego reverse mortgage lets homeowners 55 and older use their home’s value to get extra cash, stop monthly mortgage payments, and stay in their homes longer. This article explains how it works and how it can help you enjoy retirement in San Diego.
Why San Diego Homeowners Are Turning to Reverse Mortgages
San Diego is known for its sunshine, beaches, and amazing lifestyle — but living here can be expensive, especially in retirement. Many homeowners find that their monthly expenses stretch their fixed income. If you’ve lived in your home for years, you’ve likely built up a lot of equity. A San Diego reverse mortgage could allow you tap into some of that value, turning your home equity into cash without selling your home or leaving your neighborhood.
What Is a Reverse Mortgage?
A reverse mortgage is a special type of home loan that allows homeowners 55 or older, depending on the program — to convert part of their home’s equity into usable cash. Whether it’s a federally insured reverse mortgage (for ages 62+) or a proprietary reverse mortgage offered by private lenders for those 55 and older, both options could provide access your part of your home’s value while continuing to live there and maintain ownership.
How a Reverse Mortgage Works
Homeowners borrow against the equity they’ve built in their property.
Funds can be received as a lump sum, monthly payments, or through a line of credit.
The homeowner retains full ownership of the property.
No monthly mortgage payments are required as long as the borrower continues living in the home. * (homeowner will still need to pay property taxes, homeowners insurance and maintain home)
The loan is typically repaid when the home is sold, the borrower moves out, or passes away.
This could make a reverse mortgage an excellent option for San Diego seniors who want to stay in their homes while improving their financial security.
Benefits of a Reverse Mortgage in San Diego
Access the Equity in the Home
In San Diego, where home prices are among the highest in the U.S., many homeowners have built up significant equity. A reverse mortgage allows many to access part of that equity to help fund their retirement goals.
Eliminate Monthly Mortgage Payments *
Proceeds from a reverse mortgage can be used to pay off an existing mortgage. This enables homeowners to remain in their homes without monthly mortgage payments* , freeing up cash for other expenses.
*Note: A Reverse mortgage has no monthly mortgage payment requirement but there borrower will still have to continue to pay ongoing property taxes, homeowners insurance premiums and other living expenses and home maintenance costs while living in the home with a reverse mortgage.
Supplement Retirement Income
Funds from a reverse mortgage are generally tax-free and can be used to supplement Social Security, pensions, or other savings, providing greater financial flexibility.
Age in Place Comfortably
Homeowners often use reverse mortgage funds for home improvements, such as accessibility upgrades, safety enhancements, or general maintenance, allowing them to stay in their homes safely and comfortably as they age.
San Diego Reverse Mortgage Example
For a San Diego home valued at $950,000 with a remaining mortgage of $150,000, a reverse mortgage could:
Pay off the existing mortgage balance, eliminating monthly mortgage payments. (borrower still pays their property taxes, homeowners insurance & maintenance costs of home)
Provide additional funds to cover retirement expenses, travel, or emergencies.
Allow the homeowner to stay in the home while improving overall cash flow.
Local Considerations for San Diego Homeowners
- High property values increase potential reverse mortgage benefits.
- California lending laws include strong protections for seniors.
- San Diego Neighborhoods and surrounding cities like La Mesa, Poway, Chula Vista, Carlsbad, Oceanside and more offer the Southern California lifestyle
Working with a local San Diego reverse mortgage broker or lender ensures personalized service and familiarity with regional housing trends
How to Get Started with a San Diego Reverse Mortgage
- Have a conversation with a local specialist in reverse mortgages and request a proposal.
- Compare local lenders to find the best rates and loan structure.
- Review repayment terms carefully with your advisor or family
- Have a conversation with a HUD-approved counselor to learn about your options and information about reverse mortgages
- Complete application paperwork with a reverse mortgage broker or lender.
John Correll is a local San Diego Certified Reverse Mortgage Professional with over 25 years mortgage experience.
Call John today: (619) 294-9820
Enjoy Retirement in the San Diego Home You Love
A reverse mortgage in San Diego could turn some of your home’s value into a reliable source of income, giving you the freedom to enjoy retirement without financial stress.
Whether you live in Mission Hills, La Jolla, El Cajon, or Escondido, using your home equity wisely can help you maintain the lifestyle you’ve worked hard for — and stay close to the people and places you love.
Before you decide, consult a trusted San Diego reverse mortgage expert who can guide you through your options and make sure the plan fits your long-term goals.
Consider giving John Correll at Accurate Reverse Mortgage a call today at (619) 294-9820.
(619) 294-9820 | (888) 603-1550
Accurate Reverse Mortgage Corp.
4025 Camino Del Rio S., Suite 339 San Diego, CA 92108
Licensing Info:
NMLS # 2484031, 1004396 CA Bur Real Estate Broker # 02214678, 01353015
- Using a Reverse Mortgage to Retire Comfortably in San Diego’s Expensive Housing Market
- Understanding Reverse Mortgage Age Requirements in California
- Paying Off Hero or Pace Loans in California with Reverse Mortgages
- Ten Potential Benefits of Reverse Mortgages that California Homeowners Should Know About
- Choosing the Right Reverse Mortgage Lender or Broker in California
