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Reverse Mortgages in San Marino
San Marino's high-value estates create substantial equity for homeowners 62 and older. Many hold $2-4 million in home equity but limited liquid retirement income.
Reverse mortgages let you tap that equity without selling or making monthly payments. The loan gets repaid when you sell, move, or pass away.
This works well in San Marino where property values remain stable and homeowners want to age in place. Your heirs inherit remaining equity after loan repayment.
You must be 62 or older and own your home outright or have significant equity. If you carry a mortgage, reverse mortgage proceeds pay it off first.
The property must be your primary residence. You're responsible for property taxes, insurance, and maintenance.
Borrowers undergo financial assessment to verify ability to cover ongoing property costs. Recent credit issues won't necessarily disqualify you.
Higher home values mean larger loan amounts. San Marino properties often exceed the FHA reverse mortgage limit, requiring proprietary jumbo programs.
Most reverse mortgages are FHA-insured HECMs with a 2024 lending limit of $1,149,825. That covers many areas, but not San Marino's typical price point.
Jumbo reverse mortgages go up to $4 million for high-value properties. Fewer lenders offer these, and rates run higher than HECM programs.
We access both FHA and proprietary jumbo lenders to maximize your proceeds. The right program depends on home value, age, and how much equity you need.
Expect closing costs of 2-4% of home value. These can be rolled into the loan, so most borrowers close with zero out-of-pocket.
San Marino clients often dismiss reverse mortgages based on outdated information. Modern programs have stronger consumer protections and non-recourse guarantees.
I see two groups who benefit most: retirees with substantial home equity but modest income, and affluent seniors using proceeds strategically to delay Social Security or preserve investment portfolios.
The biggest mistake is waiting until you desperately need cash. Apply while financially stable so you pass the financial assessment easily.
HECMs include a line of credit option that grows over time. Many savvy clients use this as a hedge against market downturns or future healthcare costs.
HELOCs and home equity loans require monthly payments and income verification. Reverse mortgages eliminate payment obligations entirely.
Selling and downsizing gets you equity but forces you to leave San Marino's community and school district access for grandchildren.
Cash-out refinances work if you have income to support payments. For retirees on fixed income, reverse mortgages preserve cash flow.
Rates vary by borrower profile and market conditions. Reverse mortgage rates run 1-2% higher than traditional mortgages but eliminate payment stress.
San Marino's $2-5 million typical home values push most borrowers into jumbo reverse programs. HECM limits don't accommodate this market.
Property tax bills here run $20,000-60,000 annually. Lenders verify you can cover these ongoing costs before approval.
The city's historic homes sometimes need repairs before qualifying. Properties must meet FHA standards or jumbo lender requirements.
Estate planning matters more with high-value properties. Work with your attorney to understand how the reverse mortgage affects inheritance and Medi-Cal eligibility.
No. You retain ownership and can live there as long as you maintain the property and pay taxes and insurance. The loan is repaid when you sell or move permanently.
You'll need a jumbo reverse mortgage from a proprietary lender. We work with lenders who go up to $4 million for San Marino properties.
Reverse mortgages are non-recourse. Heirs can repay the loan and keep the home, or sell it and keep remaining equity. They never owe more than home value.
Loan amounts depend on age, home value, and current rates. Typical payout is 40-60% of appraised value for borrowers in their 70s.
No. The IRS treats reverse mortgage funds as loan proceeds, not income. Consult your tax advisor about your specific situation.
Yes. Reverse mortgage proceeds first pay off your existing loan. You must have enough equity remaining to make the reverse mortgage worthwhile.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.