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Reverse Mortgages in Marina
Marina's military retiree population and coastal property values make reverse mortgages particularly relevant here. Many homeowners near former Fort Ord have substantial equity built over decades.
The lack of state income tax on reverse mortgage proceeds matters in California. You're converting equity to cash without triggering a taxable event or adding to your monthly bills.
You must be at least 62 years old and occupy the home as your primary residence. The property needs sufficient equity—most reverse mortgages require you own it outright or owe very little.
Lenders will assess your ability to pay property taxes and homeowners insurance. A financial assessment determines if you need a set-aside for these ongoing costs.
Most reverse mortgages are HECMs backed by FHA. These have strict federal guidelines but offer the most consumer protections and competitive rates.
Proprietary jumbo reverse mortgages exist for higher-value Marina properties, typically those worth over $1 million. These have fewer regulatory guardrails but access more equity.
Lenders require HUD-approved counseling before closing. This isn't optional—you'll sit with a counselor who explains exactly how the loan works and what happens to your heirs.
The biggest mistake I see: waiting too long. The older you are when you take the loan, the more equity you can access—but declining health can complicate approval.
Marina retirees often use reverse mortgages to delay Social Security or avoid tapping retirement accounts early. The math works when your home equity exceeds what you'd lose in investment growth.
Watch the fees. Origination charges and mortgage insurance premiums eat into your proceeds. On a $600,000 Marina home, expect $15,000-$20,000 in upfront costs rolled into the loan balance.
HELOCs require monthly payments and income verification. Reverse mortgages flip that—no payments due until you sell, move, or pass away.
Home equity loans give you a lump sum but add a payment. A reverse mortgage line of credit lets you draw funds as needed without payment obligations while you live there.
Marina's coastal location means property values hold better than inland Monterey County. This matters for reverse mortgages because your loan-to-value ratio determines how much you can borrow.
Many Marina homes sit near former military land with environmental remediation concerns. Lenders will scrutinize appraisals and may reject properties with active cleanup issues or contamination.
HOA fees in Marina beach communities run $300-$600 monthly. You must keep these current—failure to pay can trigger loan default even without a mortgage payment.
Your heirs can pay off the reverse mortgage and keep the home, or sell it and keep any remaining equity. The loan never exceeds the home's value.
Only if you fail to pay property taxes, homeowners insurance, or move out for 12+ consecutive months. Keep these current and occupy the home—you're protected.
Typically 40-60% of your home's value, depending on your age and current interest rates. A 75-year-old accesses more equity than a 62-year-old on the same property.
No. Reverse mortgage proceeds don't count as income for Social Security or Medicare eligibility. Medicaid has different rules—consult an elder law attorney if you're on Medi-Cal.
Yes. You can sell anytime and pay off the reverse mortgage from proceeds. Refinancing into a new reverse mortgage is possible if rates drop or your home appreciates significantly.
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.