Reverse mortgage loans are a popular financing option for Santa Maria, California, allowing senior homeowners to tap into their home’s equity.
The most popular type of reverse mortgage is the Federal Housing Authority (FHA)-insured Home Equity Conversion Mortgage (HECM) loan. Unless noted otherwise, we’re referring to HECMs when discussing reverse mortgages.
How Does a Reverse Mortgage Work?
Reverse mortgage loans allow homeowners 62+ to access a portion of their home equity without having to make monthly mortgage payments, so long as the borrower takes care of property charges like insurance, taxes and upkeep.
Reverse mortgages are a great option for seniors in Santa Maria, California, who want to stay in their homes, but also want additional cash flow. The funds from a reverse mortgage can be used for any purpose, including home improvements, medical expenses or having more fun in retirement.
Reverse mortgages are available to homeowners age 62 and older who own their home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse mortgage loan.
Reverse Mortgage Benefits
People get reverse mortgages for many reasons, including:
Reverse Mortgage Eligibility in Santa Maria, California
About Santa Maria, California
Santa Maria is a beautiful city located in Santa Barbara County, California, known for its stunning natural scenery, mild climate and rich cultural heritage. The city offers a variety of activities, including hiking trails, beaches, museums and wineries.
The Santa Maria Valley is famous for its wine production, and visitors can take a tour of the vineyards and sample some of the best wines in the region. It’s also home to several historic sites, such as the Santa Maria Valley Railroad Museum and the Santa Maria Historical Society Museum. Santa Maria is a charming and vibrant city with something to offer everyone, especially retirees.
Fun Facts about Santa Maria
- It’s the “Barbecue Capital of the World” and hosts an annual Santa Maria-style barbecue competition
- The city is home to the Santa Maria Valley Railroad, one of the oldest short-line railroads in the country
- Santa Maria is the largest city in Santa Barbara County, and the third-largest city in California’s Central Coast region
- The city has a Mediterranean climate, with mild winters and warm summers
Santa Maria is also known for its wine industry, with several wineries and vineyards located in the surrounding area
- The Santa Maria Public Airport is the largest airport in Santa Barbara County and serves as a hub for private and commercial aviation
- The city is home to the Santa Maria Museum of Flight, which showcases the history of aviation in the region
- Santa Maria is located near several popular tourist destinations, including Pismo Beach, Solvang and Hearst Castle
Interested in a Reverse Mortgage in Santa Maria?
Fill out the form and one of our reverse mortgage specialists will be in touch!
*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.