Short answer: A La Jolla reverse mortgage lets homeowners 62 and older turn part of their home equity into cash, monthly payments or a line of credit. No monthly mortgage payment is required. You keep title and stay in your home, and you keep paying property taxes, insurance and upkeep. Hyde Funding, a San Diego lender since 2015, compares FHA-insured HECM and jumbo reverse options for La Jolla homes.
Many long-time La Jolla owners are “house rich”: much of their net worth is in the home, while their monthly income is fixed. A reverse mortgage lets you use that equity and stay where you are, close to the Cove, the Village, Scripps and UC San Diego Health, the doctors you trust and the family who visit. Home values here are often high, so choosing between an FHA-insured HECM and a private jumbo reverse loan usually matters more in La Jolla than almost anywhere else in the county.
We work with owners all over La Jolla: the bungalows and remodeled ranch homes of Bird Rock, La Jolla Shores near the beach and the Scripps campus, the hillside homes of Muirlands and La Jolla Mesa, Mount Soledad with its views and steep lots, the Village with its condos and older cottages, and the La Jolla Farms and Country Club areas. Condo owners in the Village and along Prospect should read our condo reverse mortgage guide first, because a HECM requires FHA approval for the building or the unit.
I shop six reverse lenders for you. Call (858) 775-1005 for today’s rates.
Coastal homes bring coastal costs. Insurance on older or hillside homes can be expensive and hard to place, and a reverse mortgage requires you to keep it in force. HOA dues on Village condos are another property charge you must keep current. An FHA appraiser may flag deferred maintenance on some older La Jolla homes, which usually means a repair set-aside, not a denial. Large estates and trusts are common here, so it’s worth reading reverse mortgages and living trusts.
A Home Equity Conversion Mortgage (HECM) is the FHA-insured reverse mortgage most homeowners use. If the youngest borrower is at least 62 and the home in La Jolla is your primary residence, a HECM can turn part of your equity into cash without a required monthly mortgage payment. You keep title. Interest and mortgage insurance are added to the balance over time instead of being billed to you each month. The loan is repaid when the last borrower sells, moves out permanently or passes away, usually from the sale of the home. You still pay property taxes, homeowners insurance and any HOA dues, and you keep the home in good repair. If those slip, the loan can become due. See the CFPB overview for the federal basics.
Many La Jolla homeowners use a HECM to pay off an existing mortgage so that payment goes away, then keep the rest as a line of credit for healthcare, home repairs or simply a cushion. Others take monthly payouts to add to Social Security or a pension. The right setup depends on your age, your home, what you owe and what you want the next ten or twenty years to look like.
FHA caps the home value a HECM can use each year (the “maximum claim amount,” published by HUD). Many homes here are valued above that cap, so we often compare a HECM with a jumbo option. For homes above that cap, a private, or proprietary, reverse mortgage (often called a jumbo reverse) may make more of your equity available. Proprietary loans are not FHA-insured, so their rules, costs and protections are different. We price both side by side and show you the trade-offs in writing. Read our jumbo reverse mortgage guide for details.
A HECM for Purchase lets you buy a home with a large down payment, usually from the sale of your current home, and cover the rest with a reverse mortgage. After that, no monthly mortgage payment is required. Some La Jolla owners use one to move from a large hillside home to a single-level home or condo nearby without taking on a new monthly payment. You must move in as your primary residence, and the same tax, insurance and upkeep rules apply. If you are moving within California, ask a tax professional about Proposition 19. It lets eligible homeowners 55 and older transfer their property tax base under certain conditions.
Hyde Funding is a mortgage lender founded in 2015, with its office at 8996 Miramar Rd. Suite 250 in San Diego. Steven Hyde (NMLS #391380) works with you directly. We compare HECM and proprietary reverse options and explain them in plain English. Your adult children or advisor are welcome on the calls. We can meet by phone, by video, at our office or at your kitchen table in La Jolla. Start with a free reverse mortgage consultation, or see our San Diego reverse mortgage page and the reverse mortgage hub.
For a HECM, the youngest borrower must be at least 62. The La Jolla home must be your primary residence, you need enough equity, and you must complete HUD-approved counseling. The lender also checks that you can keep paying property taxes, insurance and upkeep.
Yes. Hyde Funding is a San Diego lender at 8996 Miramar Rd. Suite 250, serving La Jolla by phone, video, at our office or at your home. Call (858) 775-1005.
Rates change daily. They depend on the program, whether you choose fixed or adjustable, and how you take the money. Hyde Funding shops six reverse lenders for you to compare rates and terms. Call (858) 775-1005 for today’s rates.
Yes. You keep title, and the lender holds a lien, just as with a regular mortgage. Any equity left after the loan is repaid goes to you or your heirs.
Yes. A HECM only counts value up to the FHA maximum claim amount, but a proprietary (jumbo) reverse mortgage may lend against a higher value. We compare both.
Often, yes. For a HECM, the condo project generally needs FHA approval, or the unit needs single-unit approval. Proprietary reverse loans may have different condo rules.
I shop six reverse lenders for you. 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, the VA or any government agency. Rates change daily and depend on the program and borrower. This is general information, not a commitment to lend.
