Is a Reverse Mortgage Right for Me? A 5-Question Checklist

Short answer: A reverse mortgage may fit if you (or your spouse) are 62+, plan to stay in your home for years, have substantial equity, want to reduce or eliminate a monthly mortgage payment, and can keep paying property taxes, insurance and upkeep. If any answer is “no,” another option, such as a HELOC, a refinance or downsizing, may fit better.

Why homeowners call Hyde Funding

• Hyde Funding, a mortgage lender founded in 2015
• Local office: 8996 Miramar Rd. Suite 250, San Diego
• Steven Hyde, NMLS #391380, works your file personally
• HECM and private jumbo reverse options compared side by side
• Independent HUD-approved counseling before you apply, as required for every HECM
• Lending nationwide, by phone, video or in person

1. Is the youngest borrower 62 or older?

HECMs require at least one borrower to be 62+. A younger spouse may still be protected as an eligible non-borrowing spouse.

2. Do you plan to stay in your home for the long term?

Reverse mortgages have higher upfront costs, so they make the most sense when you stay put. If you might move soon, compare a HECM for Purchase or other options.

3. Do you have substantial equity?

Any existing mortgage must be paid off from the proceeds. More equity means more available funds.

4. Would removing a monthly mortgage payment help your budget?

That’s the main reason most people choose a reverse mortgage.

5. Can you keep up with taxes, insurance and upkeep?

You must pay property taxes, homeowners insurance and HOA dues and maintain the home. If that’s a stretch, a portion of the proceeds can sometimes be set aside to cover them.

Mostly “yes”?

Call Steven for a free, no-obligation estimate. You’ll also complete independent HUD-approved counseling before applying.

Some “no” answers?

Compare a HELOC, a cash-out refinance, or reverse vs HELOC vs cash-out.

Frequently asked questions

Can I get a reverse mortgage if I still have a mortgage?

Yes, if the proceeds are enough to pay it off.

Will my kids inherit my home?

They can keep it by paying off the loan, or sell it and keep any equity. See heirs and inheritance.

Is there a credit score minimum?

HECMs use a financial assessment rather than a simple score cutoff. Call us and we’ll walk through it.

What are today’s rates?

Call (858) 775-1005 for today’s rates.

More reverse mortgage help

• Reverse mortgage guide
• Reverse mortgages in San Diego
• HECM for Purchase in San Diego
• Reverse mortgages for San Diego veterans
• Free reverse mortgage consultation

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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.