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Monterey homeowners 62 and older are sitting on serious equity. Coastal California values have built wealth for decades.
A reverse mortgage lets you tap that equity as cash. No monthly mortgage payment required while you live in the home.
62 years old
Minimum Age
None required
Monthly Payment
HECM or Jumbo
Loan Type
Sale, move-out, or death
Loan Due
Reverse Mortgages in Monterey
You must be 62 or older and live in the home as your primary residence. The home must have significant equity — ideally owned free and clear or close to it.
Lenders will verify you can cover property taxes, insurance, and maintenance. Failing those obligations can trigger repayment.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Monterey.
Monterey homeowners 62 and older are sitting on serious equity. Coastal California values have built wealth for decades.
A reverse mortgage lets you tap that equity as cash. No monthly mortgage payment 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 significant equity — ideally owned free and clear or close to it.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. A handful of private jumbo reverse products also exist for higher-value homes.
We work with 200+ wholesale lenders. That means we can match high-value Monterey properties to jumbo reverse programs most retail banks never mention.
Most clients come in thinking a reverse mortgage means losing their home. That's not how it works. You keep the title.
The loan comes due when you sell, move out permanently, or pass away. Your heirs can sell the home and keep any remaining equity after repayment.
A HELOC gives you a credit line but requires monthly payments. A reverse mortgage gives you cash with no monthly payment obligation.
Home equity loans work similarly — lump sum, but with monthly payments. For fixed-income seniors, that payment burden matters.
Monterey properties often carry strong appraised values. Higher home values mean more equity available to convert — and potentially qualifying for jumbo reverse programs.
Property tax and insurance costs in Monterey County are real. Lenders will confirm you can sustain those costs before approving. Budget that from the start.
No. You keep the title. The lender places a lien, but you own the home as long as you live there and meet the loan terms.
They can sell the home and pay off the loan balance. Any equity left over belongs to them.
Yes. HECM limits apply, but jumbo reverse products cover higher-value homes beyond those caps.
Yes. Taxes, insurance, and home maintenance are still your responsibility. Falling behind can trigger loan repayment.
Yes, for HECM loans it's mandatory before closing. It takes about an hour and can be done by phone.
It depends on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for more. Rates vary by borrower profile and market conditions.