By Steven Hyde, Founder, Hyde Funding · NMLS #391380. Reviewed October 18, 2026. Hyde Funding is a mortgage lender headquartered in San Diego, lending nationwide since 2015.
Short answer: A reverse mortgage lets homeowners 62 and older turn part of their home equity into cash, without monthly mortgage payments. You keep title and keep living in the home, but you must pay property taxes, homeowners insurance and upkeep. Most are FHA-insured Home Equity Conversion Mortgages (HECMs). The loan is repaid when the last borrower sells, moves out or passes away. Based in San Diego, Hyde Funding helps homeowners nationwide compare HECM and private (jumbo) reverse options.
The youngest borrower must be at least 62, the home must be your primary residence, and you need enough equity. Any existing mortgage must be paid off with the reverse mortgage proceeds or other funds. Lenders also complete a financial assessment of your income, credit and history of paying property charges.
HECMs are insured by the Federal Housing Administration. FHA sets a national maximum claim amount each year, which caps the home value used in the calculation. We don’t list it here because it changes. See HUD’s current limits. How much you can borrow (the “principal limit”) depends on the youngest borrower’s or eligible spouse’s age, current interest rates and the home’s appraised value, up to that limit.
Competitive reverse mortgage rates. Call (858) 775-1005 for today’s rates.
Before you apply, you must complete a session with an independent, HUD-approved HECM counselor. The counselor covers costs, alternatives and your obligations. See HECM counseling.
A lump sum (on fixed-rate HECMs), monthly payments for as long as you live in the home (tenure), monthly payments for a set number of years (term), a line of credit, or a combination. On adjustable-rate HECMs, the unused line of credit grows over time. HECMs limit how much you can draw in the first year.
If your spouse is under 62 and not on the loan, they may qualify as an eligible non-borrowing spouse and stay in the home after you pass away, as long as they meet the requirements. See non-borrowing spouse rules.
A HECM for Purchase lets you buy a new primary home, such as a downsize or a single-level home, using a down payment plus HECM proceeds, with no monthly mortgage payment afterward. See HECM for Purchase.
Private reverse mortgages aren’t FHA-insured and may allow higher loan amounts for homes above the HECM limit. Terms vary by lender. See jumbo and proprietary reverse mortgages.
Our office is on Miramar Road. For local details on HECM limits vs San Diego home values, Prop 19 and condos, see reverse mortgage San Diego. San Diego buyers can also see HECM for Purchase in San Diego and reverse mortgages for veterans in San Diego.
With a HECM, neither you nor your heirs will ever owe more than the home is worth when the loan is repaid. FHA insurance covers any shortfall. Heirs can keep the home by paying off the loan (or 95% of the appraised value, if less), or they can sell it. See heirs and inheritance.
62 for an FHA-insured HECM. Some proprietary programs accept younger borrowers in certain states.
Yes. You keep title. The lender holds a lien, as with any mortgage.
No monthly mortgage payment is required, but you must pay property taxes, insurance and HOA dues and maintain the home. You can make voluntary payments.
The loan can come due if you stop living in the home as your primary residence or don’t pay property taxes, insurance or upkeep. Staying current on those obligations is essential.
It depends on age, interest rates, the home’s value and the HECM limit. We’ll run a free estimate for you.
Generally no. Needs-based benefits such as Medicaid or SSI can be affected depending on how you hold the funds. Ask a benefits advisor.
Talk to Steven: (858) 775-1005 · Free consultation · Apply now
Competitive reverse mortgage rates. Call (858) 775-1005 for today’s rates.
Steven Hyde, NMLS #391380 (NMLS Consumer Access). Equal Housing Opportunity. Reverse mortgage borrowers must live in the home as their primary residence, keep paying property taxes, homeowners insurance and HOA dues, and maintain the home, or the loan may become due. The loan balance grows over time. HECMs are insured by FHA. Hyde Funding is not affiliated with HUD, FHA or any government agency. This is general information, not a commitment to lend. Consult a financial or tax advisor.
