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Costa Mesa homeowners have built serious equity over decades. A reverse mortgage lets you tap that equity without selling or making monthly payments.
Orange County home values have climbed steadily for years. That appreciation works in your favor when calculating how much you can access.
62 years old
Minimum Age
None required
Monthly Payments
Required
HUD Counseling
HECM (FHA-backed)
Loan Type
Move out or pass away
Loan Due When
Reverse Mortgages in Costa Mesa
You must be 62 or older and live in the home as your primary residence. The home must have enough equity to qualify.
Lenders also check that you can cover property taxes, insurance, and maintenance. Failing those obligations 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 Costa Mesa.
Costa Mesa homeowners have built serious equity over decades. A reverse mortgage lets you tap that equity without selling or making monthly payments.
Orange County home values have climbed steadily for years. That appreciation works in your favor when calculating how much you can access.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity to qualify.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. Not every lender offers them, and terms vary.
We work with 200+ wholesale lenders. That access matters when shopping reverse mortgage rates and fees. Rates vary by borrower profile and market conditions.
The biggest mistake I see: borrowers focus only on how much they can get. Upfront costs — origination fees, MIP, closing costs — eat into that number fast.
If you have a surviving spouse under 62, structure this carefully. A non-borrowing spouse has protections, but only if the loan is set up correctly from the start.
A HELOC gives you a credit line too, but requires monthly payments and a minimum credit score. Reverse mortgages have no monthly payment obligation.
Home equity loans work similarly but add a fixed monthly bill. If cash flow is the goal, a reverse mortgage is usually the cleaner fit for eligible borrowers.
Costa Mesa sits in one of California's most valuable housing markets. Long-term homeowners here often have substantial equity built up over 20 or 30 years.
Property taxes in Orange County are real. Your reverse mortgage won't help if unpaid taxes trigger a default. Budget for that before you close.
Yes, you retain title. The lender places a lien, but you own the home as long as you meet the loan obligations.
The loan becomes due. Your heirs can sell the home, repay the balance, or refinance to keep it.
Yes, but the reverse mortgage proceeds must first pay off the existing balance. You keep any remainder.
Yes. Federal law requires it for all HECM borrowers. It's done by a HUD-approved counselor before your application moves forward.
It depends on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for higher amounts.
Generally no — loan proceeds are not considered income. Consult a tax advisor to confirm based on your situation.