Short answer: There is no VA reverse mortgage, but San Diego veterans 62 and older can use an FHA-insured HECM or a private reverse mortgage. Many use one to pay off an existing VA loan and eliminate the monthly payment. VA disability compensation and military retirement pay aren’t reduced by a reverse mortgage. For the national rules, see reverse mortgages for veterans.
A VA IRRRL can lower your payment, and a VA cash-out refinance goes up to 90% of value, and higher in some cases. We’ll compare these with a reverse mortgage side by side.
Qualifying disabled veterans may be eligible for California’s Disabled Veterans’ Property Tax Exemption, which helps with the property-tax obligation on a HECM.
Competitive reverse mortgage rates. Call (858) 775-1005 for today’s rates.
Paying off your VA loan with a HECM doesn’t restore entitlement while you keep the home. See restoring VA entitlement.
The VA doesn’t endorse reverse mortgage lenders. Be cautious of mailers that suggest it does.
No. Veterans use FHA HECMs or private reverse mortgages.
No.
Yes, if you qualify. The VA loan is paid off at closing.
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.
