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El Cajon has a significant senior population. Many homeowners here have paid down their mortgages for decades and built serious equity.
A reverse mortgage lets you tap that equity without selling. No monthly payment required — you stay in the home.
62 years old
Minimum Age
$0 required
Monthly Payment
HECM (FHA-backed)
Loan Type
Sale or move-out
Repayment Trigger
Before closing
Counseling Required
Reverse Mortgages in El Cajon
You need to be 62 or older. The home must be your primary residence — not a rental or vacation property.
Lenders check that property taxes and insurance are current. You must also complete HUD-approved counseling before closing.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in El Cajon.
El Cajon has a significant senior population. Many homeowners here have paid down their mortgages for decades and built serious equity.
A reverse mortgage lets you tap that equity without selling. No monthly payment required — you stay in the home.
You need to be 62 or older. The home must be your primary residence — not a rental or vacation property.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. A few jumbo reverse products exist for higher-value homes.
Not every lender offers both. We shop across 200+ wholesale lenders to find the right fit for your home value and goals.
The biggest mistake I see: waiting too long. Borrowing capacity is tied to age and home value. Starting at 62 versus 75 makes a real difference.
Lump sum, monthly payments, or a line of credit — you choose how to receive funds. A line of credit is often the smartest play for long-term planning.
A HELOC gives you a credit line too — but requires monthly payments and income verification. That disqualifies many retired El Cajon homeowners.
A reverse mortgage requires no monthly payment and qualifies based on age and equity, not income. For fixed-income seniors, that difference is decisive.
El Cajon sits inland from San Diego, where home values have climbed steadily over the past two decades. Many long-term homeowners are equity-rich.
Higher equity means more borrowing power on a HECM. If your home value exceeds the FHA HECM limit, a jumbo reverse mortgage may unlock more funds.
Yes. You keep the title. The loan is repaid when you sell, move out, or pass away.
Nothing. You can stay as long as you live in the home and keep up taxes and insurance.
Yes. They repay the loan balance — usually by refinancing or selling the property.
Generally no. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor.
It's a session with an approved housing counselor. FHA requires it to ensure you understand the loan.
Most single-family homes do. Condos need FHA approval. We can confirm eligibility quickly.