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Seaside sits in Monterey County, where home values have climbed steadily for years. That equity buildup is real money — and a reverse mortgage lets homeowners 62+ access it.
Many Seaside seniors are house-rich but cash-tight. A reverse mortgage converts that equity into tax-free cash without a monthly payment requirement.
62 years old
Minimum Age
Not required
Monthly Payment
HECM (FHA-backed)
Loan Type
Significant equity
Equity Required
Yes, before closing
Counseling Required
Reverse Mortgages in Seaside
You must be 62 or older and live in the home as your primary residence. The home must be paid off or have a low remaining balance.
Lenders also require you to stay current on property taxes, homeowners insurance, and basic maintenance. Miss those and the loan can be called due.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Seaside.
Seaside sits in Monterey County, where home values have climbed steadily for years. That equity buildup is real money — and a reverse mortgage lets homeowners 62+ access it.
Many Seaside seniors are house-rich but cash-tight. A reverse mortgage converts that equity into tax-free cash without a monthly payment requirement.
You must be 62 or older and live in the home as your primary residence. The home must be paid off or have a low remaining balance.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. That backing means consistent guidelines, but rates and fees vary across lenders.
We work with 200+ wholesale lenders. On reverse mortgages, pricing differences can add up to thousands in fees. Shopping matters more than most borrowers realize.
A lot of seniors in Seaside call us after a bank told them they don't qualify — usually because of a condo HOA issue or property condition. Those aren't always deal-breakers.
Proprietary reverse mortgages exist for higher-value homes and can go beyond HECM limits. If your home has significant equity, ask about jumbo reverse options.
HELOCs and home equity loans require monthly payments. A reverse mortgage doesn't — that's a meaningful difference on a fixed income.
Conventional cash-out refinancing also requires monthly payments and income verification. For many Seaside seniors, a reverse mortgage is the only option that doesn't strain monthly cash flow.
Seaside has a mix of single-family homes and condos, including properties near Fort Ord. Condo approvals for HECMs require FHA project approval — not all complexes qualify.
Monterey County property taxes can be significant. Borrowers must stay current on them or risk loan default. We walk clients through a financial assessment before they commit.
Yes — if you fail to pay taxes, insurance, or maintain the home, the loan can become due. Staying current on those obligations is non-negotiable.
No. You keep title to the property. The lender places a lien, just like a regular mortgage.
The loan becomes due. Heirs can sell the home, refinance it, or repay the balance to keep it.
Some do, some don't. The condo project must be FHA-approved. We check this before you go through any paperwork.
No. Proceeds are loan advances, not income. But consult a tax advisor for your specific situation.
Yes, if your equity is sufficient. The reverse mortgage pays off the existing balance first, then you access the rest.