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Del Rey Oaks sits in Monterey County, where home values have stayed strong for decades. That equity is the engine behind every reverse mortgage.
Homeowners 62 and older can convert built-up equity into cash. No monthly mortgage payment is required while you live in the home.
62 Years Old
Minimum Age
Not Required
Monthly Payment
HECM (FHA-Backed)
Loan Type
Required Before Close
HUD Counseling
Reverse Mortgages in Del Rey Oaks
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — lenders won't advance more than the home is worth.
You still pay property taxes, homeowner's insurance, and HOA fees. Falling behind on any of those can trigger default.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Del Rey Oaks.
Del Rey Oaks sits in Monterey County, where home values have stayed strong for decades. That equity is the engine behind every reverse mortgage.
Homeowners 62 and older can convert built-up equity into cash. No monthly mortgage payment is required while you live in the home.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — lenders won't advance more than the home is worth.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. That federal backing gives borrowers strong consumer protections.
Not every lender prices HECMs the same way. Origination fees, servicing fees, and margin rates vary. Shopping matters here.
HUD requires independent counseling before any HECM closes. Don't skip it — a good counselor catches issues before they become problems.
I see borrowers assume reverse mortgages are a last resort. They're not. Used early in retirement, they can protect your investment portfolio from forced selloffs.
A HELOC gives you a credit line too, but requires monthly payments. If cash flow is the issue, that defeats the purpose.
A reverse mortgage line of credit actually grows over time. A HELOC can be frozen or reduced by the lender. That difference matters in retirement.
Del Rey Oaks is a small city surrounded by Monterey. Many homeowners here have owned for 20-plus years and carry significant equity.
Monterey County's coastal location keeps demand steady. That stable property value base is exactly what makes a reverse mortgage viable long-term.
No. You keep title to the home. The lender places a lien, just like a regular mortgage.
The loan becomes due. Heirs can sell the home, refinance, or pay off the balance to keep it.
Yes. The existing mortgage must be paid off, usually using reverse mortgage proceeds at closing.
It depends on your age, home value, and current interest rates. Older borrowers with more equity qualify for more. Rates vary by borrower profile and market conditions.
Loan proceeds are generally not taxable income. Consult your CPA — tax situations vary.
Non-borrowing spouses under 62 have HUD protections that may let them stay in the home. Verify terms before closing.