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Goleta homeowners have built serious equity over the years. That equity can work for you — without selling and without monthly payments.
A reverse mortgage lets homeowners 62+ convert home equity into cash. You stay in the home. The loan pays you.
62 years old
Minimum Age
Not required
Monthly Payments
Yes — HUD approved
Counseling Required
HECM (FHA-backed)
Common Program
Sale, move-out, or death
Loan Due When
Reverse Mortgages in Goleta
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — lenders typically want it owned free and clear or nearly so.
You still pay property taxes, homeowners insurance, and maintenance. Skipping those can trigger default. That's the part most borrowers miss.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Goleta.
Goleta homeowners have built serious equity over the years. That equity can work for you — without selling and without monthly payments.
A reverse mortgage lets homeowners 62+ convert home equity into cash. You stay in the home. The loan pays you.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — lenders typically want it owned free and clear or nearly so.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages backed by FHA. A handful of private "jumbo" reverse products also exist for high-value properties.
We work with 200+ wholesale lenders. That means we can shop HECM options and proprietary programs side by side to find the better fit for your situation.
Most people call us asking about rates. The smarter question is which payout option fits your plan — lump sum, monthly payments, or a line of credit.
A line of credit grows over time if unused. Many Goleta homeowners with strong equity find this the most flexible choice. It's not the default — you have to ask for it.
A HELOC gives you a line of credit too — but requires monthly payments and income to qualify. A reverse mortgage has no monthly payment obligation.
Home equity loans work similarly but again require repayment. If you're retired with limited income, a reverse mortgage is often the only product that actually closes.
Santa Barbara County properties carry high valuations. That's good news — more equity means more you can access through a reverse mortgage.
For Goleta homes exceeding conforming limits, a jumbo reverse mortgage may unlock more than a standard HECM. We see this come up often in higher-priced coastal communities.
The loan is repaid when you sell, move out, or pass away. You or your heirs can repay it and keep the home.
Yes — if you stop paying taxes, insurance, or maintaining the property. Staying current on those is non-negotiable.
Generally no. Reverse mortgage proceeds are typically not considered income. Consult a tax advisor to confirm your situation.
Yes, for HECM loans it's mandatory before you can close. It's a one-time session with an approved counselor.
A jumbo reverse mortgage may cover more of your equity. We can compare HECM and proprietary programs side by side.
Yes. Both should be on the loan. A non-borrowing spouse may have protections, but being on the loan is the safer route.