Short answer: San Diego buyers 62+ can buy a new primary home with a HECM for Purchase. You bring a down payment, often from selling your current home, and the reverse mortgage covers the rest, with no monthly mortgage payment afterward. Taxes, insurance and upkeep still apply. For how the program works nationally, see our HECM for Purchase guide.
From a two-story family home to a single-level house or an FHA-approved condo, from Carlsbad or Oceanside to inland Escondido, from the coast to La Mesa or El Cajon, or across the county to be near family.
Many San Diego condos aren’t FHA-approved. We check the project before you write an offer. A proprietary reverse purchase loan may be an option if the condo isn’t approved.
Competitive reverse mortgage rates. Call (858) 775-1005 for today’s rates.
California’s Proposition 19 may let homeowners 55+ carry their property tax base to the new home. Ask the County Assessor.
You must move in within 60 days of closing. We coordinate with your agent and escrow so the sale of your current home and the purchase line up.
It depends on your age, rates and the price. We’ll calculate it for free.
Yes, once the home has a certificate of occupancy and meets FHA requirements.
Not necessarily, but the down payment must be verified and the new home must become your primary residence within 60 days.
Call (858) 775-1005 for today’s rates.
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, 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.
