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    • What is a Reverse Mortgage?
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    • How to Qualify for a Reverse Mortgage?
    • Are Reverse Mortgages a Good Idea?
    • Reverse Mortgage FAQs
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How to Qualify for a Reverse Mortgage?

Reverse mortgages let older homeowners use the equity in their homes to fund their retirement. Despite this, reverse mortgages come with numerous rules and restrictions, including who can apply and how much they cost.

Reverse Mortgage Requirements
Q

Who Is Eligible For A Reverse Mortgage?

  • You must be 62 years or older.
  • Generally, you need to have at least 50% equity in your home. The exact requirements depend on the lender.
  • The home must be your primary residence.
  • You must attend a reverse mortgage counseling session either in person or over the phone.

AddITIONAL Reverse Mortgage Qualifications

  • A financial assessment is required to ensure you can meet your loan obligations.
  • The home must be in good condition and meet FHA standards
  • If the home is a condo, it must be listed on the approved HUD/FHA condo list. If it is not, you may still be eligible for a proprietary reverse mortgage.
  • Manufactured homes must be built after June 1976 and meet HUD requirements
Reverse Mortgage Additional Requirements

Is it a good time for me to consider a reverse mortgage?

A reverse mortgage can be a good fit for you if you are able to meet the requirements above and the situations below applies to you.

Your home’s value is increasing dramatically

Having built up valuable equity in your home might make it possible for you to get a reverse mortgage while still leaving money for your heirs.

You plan to stay in your home for a long time

As with a regular mortgage, the loan entails significant upfront costs. In order to justify those costs, you’ll want to be certain that you plan to live in that home for an extended period of time.

Your home costs can be covered by you

For a reverse mortgage to stay current, there must be a steady flow of income to cover expenses such as property taxes, insurance, maintenance.

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ENJOY RETIREMENT YOUR WAY

Discover Reverse Mortgage

Jeannette offers a 30-minute, NO OBLIGATION consultation to see if a reverse mortgage could be a “good fit” for you. Family members are welcome to join in!

Schedule a Call with Jeannette

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Jeannette Macias
Branch Manager
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Branch Office:
7 W. Figueroa Street, Suite 300
Santa Barbara, CA 93101
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CalCon Mutual Mortgage LLC, dba OneTrust Home Loans is an Equal Housing Lender NMLS #46375; 3131 Camino Del Rio North Suite 1680, San Diego, CA 92108. Corporate phone (888) 488-3807. For more licensing information visit:  opens in a new windowhttps://onetrusthomeloans.com/licensing-information/. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions

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  • Reverse Mortgage Santa Barbara
  • Learning Center
    • What is a Reverse Mortgage?
    • How does a reverse mortgage work?
    • How to Qualify for a Reverse Mortgage?
    • Are Reverse Mortgages a Good Idea?
    • Reverse Mortgage FAQs
  • Reverse Mortgage Solutions
    • Retirement Income
    • Dream Vacations
    • Payoff Debts
    • Medical Expenses
    • Buy a Home
    • Refinance existing mortgage
    • And Much More
  • About
  • Contact
  • Get in touch: 805-738-5577opens phone dialer
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