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Reverse Mortgages in Suisun City
Suisun City homeowners 62+ are sitting on equity built over decades. A reverse mortgage lets you tap that equity without selling or taking on monthly payments.
Most Suisun City borrowers use reverse mortgages to eliminate existing mortgage payments or fund healthcare costs. The loan balance grows over time as interest accrues, but you stay in your home.
You must be 62 or older with significant equity in your Suisun City home. Most borrowers need at least 50% equity, though loan amount depends on age and home value.
The property must be your primary residence. You're responsible for property taxes, insurance, and maintenance—failing to pay these can trigger loan default.
Reverse mortgages are federally insured HECMs issued through approved lenders. Not every lender offers them, and rates vary significantly based on loan structure and fees.
We compare reverse mortgage programs across multiple lenders to find the lowest-cost option. Some lenders waive origination fees; others offer better credit line growth rates.
Most Suisun City clients don't realize reverse mortgages have three payout options: lump sum, monthly payments, or line of credit. The line of credit grows if you don't use it—a feature no HELOC offers.
I steer clients away from reverse mortgages if they plan to move within five years. The upfront costs are too high for short-term needs. A HELOC or home equity loan makes more sense in that case.
HELOCs and home equity loans require monthly payments, which defeats the purpose for many retirees. Reverse mortgages eliminate that burden but cost more upfront.
If you want to leave the home to heirs with maximum equity, a conventional cash-out refinance might work better. You'll have payments, but your loan balance won't grow unchecked.
Suisun City's lower property values compared to Fairfield or Vallejo mean smaller reverse mortgage proceeds. Home values directly determine how much you can borrow.
Property taxes and homeowners insurance in Solano County are manageable, but they're your responsibility with a reverse mortgage. Budget for these ongoing costs before committing.
Yes, if you fail to pay property taxes, insurance, or maintenance. You must also live in the home as your primary residence to avoid default.
Your heirs can pay off the loan and keep the home, or sell it and keep any remaining equity. If the balance exceeds home value, FHA insurance covers the difference.
Loan amount depends on your age, home value, and current interest rates. Older borrowers with higher-value homes qualify for larger amounts, typically 40-60% of home value.
No, reverse mortgage funds are loan proceeds, not income. Consult a tax professional about your specific situation and estate planning implications.
Yes, but reverse mortgage proceeds must first pay off your existing loan. You'll receive the remaining balance as cash, credit line, or monthly payments.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.