REVERSE MORTGAGES

Reverse mortgages in Monterey are home loans that allow older homeowners to borrow against their home's equity. Unlike a traditional loan, a reverse mortgage doesn't require the homeowner to make monthly mortgage payments. Instead, the borrower receives money from the lender either monthly, via a line of credit, or in a single lump sum at closing.

An easy way to think of a reverse mortgage is as an advance on your home's eventual sale. The lender sends you the money, either in monthly payments, periodic withdrawals or as a lump sum. When you die or sell your house, you or your heirs will repay the loan out of your home's sale proceeds.

During your reverse mortgage term, you won't need to make payments to your lender — although you can if you prefer. However, you must stay current on property taxes, insurance and homeowners association dues to avoid liens. You must also maintain the property. If your roof needs replacing, it falls on you to pay for it. If you fail to meet these obligations, your lender could call your loan due or even foreclose on your house.

Reverse mortgages in Monterey are typically reserved for borrowers 62 and up (though some lenders allow for ages down to 55). Homeowners often use them to reduce their monthly housing costs or increase their income in retirement.

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The Central Coast Capital mission is to provide first-class mortgage solutions for our customers, with transparent processing and closing, for rapid approval and on time fundings. We feel strongly about giving our customers the highest level of customer service. We aren’t successful if our clients aren’t successful. We aim to treat everyone like family. That’s our difference.

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