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Coronado homeowners 62+ are sitting on some of the most valuable real estate in San Diego County. That equity can work for you without selling or leaving your home.
A reverse mortgage converts your home equity into cash. No monthly mortgage payment required — you stay on title and keep ownership.
62 years old
Minimum Age
Primary home only
Residence Requirement
HECM & Jumbo Reverse
Loan Types Available
None required
Monthly Payments
Yes — before closing
Counseling Required
You must be 62 or older. The home must be your primary residence — not a rental or vacation property.
You still pay property taxes, homeowners insurance, and maintenance. Falling behind on those can trigger default.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. There are also jumbo reverse products for high-value homes.
Coronado prices often push past standard HECM limits. A jumbo reverse mortgage may let you access more equity than a standard FHA product allows.
We see a lot of Coronado borrowers overlook jumbo reverse mortgages. If your home is worth well above the HECM limit, a proprietary product often pays out more.
HUD requires independent counseling before you close a HECM. Budget time for that step — it's mandatory, not optional.
A HELOC gives you a credit line but requires monthly payments. A reverse mortgage eliminates that obligation entirely — big difference on a fixed income.
Selling and downsizing is another route. But many Coronado homeowners prefer staying put. A reverse mortgage funds that choice.
Coronado's real estate values are among the highest in San Diego County. That means more equity and more potential proceeds from a reverse mortgage.
Property taxes here are significant. Your reverse mortgage funds can cover those costs — keeping you in compliance and in your home.
No monthly mortgage payment is required. You must stay current on taxes, insurance, and home upkeep.
Yes. Jumbo reverse mortgage products exist specifically for homes exceeding HECM loan limits.
The loan becomes due. Your heirs can sell the home, repay the balance, or refinance to keep the property.
Condos can qualify but must meet FHA approval standards for HECMs. Jumbo reverse products may have different rules.
A HELOC requires monthly payments. A reverse mortgage does not — it defers repayment until you leave the home.
Before closing a HECM, HUD requires a session with an independent housing counselor. It typically takes one to two hours.
Reverse Mortgages in Coronado