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Lompoc homeowners 62 and older are sitting on real equity. A reverse mortgage lets you turn that equity into cash — no monthly payments required.
Santa Barbara County property values have historically been strong. That works in your favor when calculating how much you can access.
62 years old
Minimum Age
Not required
Monthly Payments
HECM or Jumbo
Loan Type
Required before close
HUD Counseling
Reverse Mortgages in Lompoc
You must be at least 62 years old. The home must be your primary residence — vacation properties don't qualify.
Lenders check that you can cover taxes, insurance, and maintenance. Fail that test and the loan gets denied.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Lompoc.
Lompoc homeowners 62 and older are sitting on real equity. A reverse mortgage lets you turn that equity into cash — no monthly payments required.
Santa Barbara County property values have historically been strong. That works in your favor when calculating how much you can access.
You must be at least 62 years old. The home must be your primary residence — vacation properties don't qualify.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. A handful of private jumbo options exist for higher-value homes.
Not every lender offers reverse mortgages. We work with wholesale lenders that specialize in this product and know how to close them cleanly.
The biggest mistake I see: borrowers wait too long. The older you are and the more equity you have, the more you can access.
Watch the loan balance grow over time. Interest accrues on what you borrow. Your heirs inherit the home — but they also inherit the payoff obligation.
A HELOC also taps equity, but it requires monthly payments. If cash flow is the problem, a reverse mortgage solves it differently.
Home Equity Loans give you a lump sum with fixed payments. A reverse mortgage gives you flexibility — lump sum, monthly draws, or a credit line.
Lompoc has a strong retiree population. Many long-term homeowners have paid down significant equity over decades of ownership.
Santa Barbara County homes often appraise well. A higher appraised value means a larger potential loan amount under HECM guidelines.
Yes. You keep the title. The lender places a lien, but you remain the owner as long as you live there and meet loan terms.
The loan becomes due. Your heirs can sell the home, refinance, or pay off the balance to keep it.
Yes, if you fail to pay property taxes, homeowners insurance, or let the home fall into disrepair. Stay current on those obligations.
It depends on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for more. Rates vary by borrower profile and market conditions.
Yes. It's a federal requirement before any HECM closes. A HUD-approved counselor reviews your options and confirms you understand the terms.
Sometimes. FHA-approved condo projects qualify for HECMs. Non-approved condos may still work under a jumbo reverse program.