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San Marcos has a strong senior homeowner base. Many bought decades ago and are sitting on serious equity.
A reverse mortgage lets you convert that equity into cash — no monthly payments required. You stay in your home.
62 years old
Minimum Age
Not required
Monthly Payments
Primary home only
Residence Requirement
Lump, credit, monthly
Payout Options
Required before closing
HUD Counseling
Reverse Mortgages in San Marcos
You must be 62 or older and own your home outright — or have a low remaining balance. That balance gets paid off at closing.
You must live in the home as your primary residence. Investment properties and vacation homes do not qualify.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in San Marcos.
San Marcos has a strong senior homeowner base. Many bought decades ago and are sitting on serious equity.
A reverse mortgage lets you convert that equity into cash — no monthly payments required. You stay in your home.
You must be 62 or older and own your home outright — or have a low remaining balance. That balance gets paid off at closing.
Not every lender offers reverse mortgages. Fewer still specialize in them. We work with wholesale lenders who do this regularly.
Shopping this loan matters. Origination fees and mortgage insurance costs vary. We compare across 200+ wholesale lenders to find your best fit.
The biggest mistake I see: borrowers assume all reverse mortgages are identical. They're not. Payout structures differ significantly.
You can take funds as a lump sum, a line of credit, or monthly payments. Most clients in San Marcos do a line of credit — it grows over time.
A HELOC gives you a credit line too — but requires monthly payments. If cash flow is tight, that's a real difference.
Home equity loans are lump-sum and also require payments. A reverse mortgage is the only option with no required monthly repayment.
San Marcos homeowners who bought in the 1990s or early 2000s have built substantial equity over time. That equity is the foundation of this loan.
San Diego County property values support strong HECM loan amounts. More equity generally means more access to funds at closing.
No. You remain on title. The lender places a lien, just like a regular mortgage.
The loan becomes due. Your heirs can sell the home, repay the balance, or refinance into a traditional mortgage.
Yes, it's mandatory before closing on an FHA-backed HECM. It takes about an hour and costs a small fee.
Yes, under current FHA rules, a non-borrowing spouse may stay in the home. Specific conditions apply — ask us before assuming.
That's fine. The reverse mortgage pays it off at closing. You just need enough equity to cover it.
Generally no — loan proceeds are not considered income. Always confirm with a tax advisor for your situation.