Reverse mortgage loans are a popular financial option for seniors in San Luis Obispo, California. A reverse mortgage is a type of loan that allows homeowners to tap into their home’s equity.
The most popular type of reverse mortgage is the FHA-insured Home Equity Conversion Mortgage (HECM) loan. Unless noted otherwise, we’re referring to HECMs when we talk about reverse mortgages.
How Does a Reverse Mortgage Work?
Reverse mortgages are a financial product that can be used by seniors in San Luis Obispo to access a portion of their home equity. A reverse mortgage is a loan that allows homeowners to borrow money against the equity in their home without having to make monthly mortgage payments. They only have to handle property charges, like insurance and taxes, and upkeep. The loan is repaid when the homeowner passes away, sells the home or moves out of the home.
Many San Luis Obiso residents who have reverse mortgages are able to capitalize on California’s rising real estate prices and tap into their home equity, helping them realize their gains without needing to sell their home and move to a smaller home or less expensive area.
Reverse Mortgage Benefits
People get reverse mortgages for many reasons, including:
Reverse Mortgage Eligibility in San Luis Obispo
To qualify for a reverse mortgage in San Luis Obispo, you must be at least 62 years old, own your home outright or have considerable home equity and occupy the home as your primary residence.
About San Luis Obispo, California
San Luis Obispo is a city in the Central Coast region of California, located halfway between Los Angeles and San Francisco.
It’s the county seat of San Luis Obispo County and has a population of around 48,000 people. The city is known for its Mediterranean climate, beautiful beaches and vibrant downtown area. It’s also home to the California Polytechnic State University.
Cost of Living in San Luis Obispo
The cost of living in San Luis Obispo is higher than the national average. Housing costs are particularly high, with the median home price being around $700,000. Groceries, transportation and healthcare are all slightly more expensive than the national average.
Interested in a Reverse Mortgage in San Luis Obisbo?
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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.**There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.