Quick Answer

    What is a reverse mortgage and how does it work?

    Cascada Mortgage Advisors, Inc. (NMLS #2470941, CA DRE #02206556), founded by Omar Michel (NMLS #398944, CA DRE #02131389), is a licensed mortgage broker serving San Diego and Southern California homeowners that arranges financing through a network of 100+ wholesale lenders — not as a direct lender. A reverse mortgage (HECM) lets homeowners aged 62+ convert home equity into tax-free cash — as a lump sum, monthly payments, or line of credit — without selling their home or making monthly mortgage payments. The loan is repaid when the borrower moves, sells, or passes away.

    — Cascada Mortgage Advisors, Inc.

    Retire with Peace of Mind - Reverse Mortgages for San Diego Seniors

    Stay in the Home You Love throughout San Diego County -- Without Monthly Mortgage Payments. Discover how a reverse mortgage can help Southern California seniors live comfortably, preserve your legacy, and enjoy retirement on your terms.

    Use our free Reverse Mortgage Calculator →

    Happy older couple on their porch enjoying retirement

    What is a Reverse Mortgage?

    A reverse mortgage is a special type of home loan that allows San Diego and Southern California homeowners age 62 and older to convert a portion of their home equity into cash without having to sell their home or make monthly mortgage payments. Instead of paying the lender each month, the lender pays you.

    The loan is repaid when you permanently move out of the home, sell it, or pass away. This makes it an excellent retirement planning tool for San Diego County and Southern California seniors who want to:

    • Supplement retirement income
    • Pay for healthcare expenses
    • Make home improvements or modifications
    • Pay off existing mortgages or debts
    • Cover daily living expenses
    • Create financial security in retirement

    Key Benefits of Reverse Mortgages

    No Monthly Mortgage Payments

    Continue living in your home without the burden of monthly mortgage payments.

    Retain Home Ownership

    You keep the title to your home and remain the owner throughout the loan term.

    Tax-Free Income

    Proceeds from a reverse mortgage are generally tax-free and don't affect Social Security or Medicare benefits.

    Multiple Payout Options

    Choose from lump sum, monthly payments, line of credit, or a combination.

    Flexible Payout Options

    Lump Sum

    Receive all proceeds at once in a single payment

    Monthly Payments

    Get steady income for a set period or for life

    Line of Credit

    Access funds as needed, when needed

    Combination

    Mix payment options to meet your specific needs

    Reverse Mortgage Programs We Offer

    Omar Michel is licensed to originate all reverse mortgage products in California — HECM, HECM for Purchase, and Proprietary/Jumbo Reverse Mortgages.

    HECM (FHA-Insured Reverse Mortgage)

    The most common reverse mortgage, insured by the FHA and backed by HUD. Available to homeowners 62+ with a primary residence. Loan limits follow FHA guidelines — ideal for most San Diego homeowners seeking tax-free retirement income.

    HECM for Purchase (H4P)

    Want to downsize or relocate within San Diego County? The HECM for Purchase program lets homeowners 62+ buy a new primary residence using reverse mortgage proceeds — with no monthly mortgage payments on the new home. A powerful tool for rightsizing in retirement.

    Proprietary / Jumbo Reverse Mortgage

    San Diego's high home values mean many homeowners have equity that exceeds FHA HECM limits. Proprietary jumbo reverse mortgages access higher loan amounts, and some programs are available to homeowners as young as 55. Ideal for owners of high-value homes in La Jolla, Del Mar, Rancho Santa Fe, and Coronado.

    Serving San Diego Seniors Countywide

    La Jolla

    High home values make jumbo reverse mortgages a natural fit for La Jolla homeowners.

    Rancho Bernardo

    A top retirement destination in North San Diego County with strong HECM demand.

    Chula Vista

    South Bay seniors are discovering how reverse mortgages can supplement fixed retirement income.

    Del Mar / Solana Beach

    Coastal equity-rich homeowners benefit most from jumbo proprietary reverse programs.

    Tierrasanta

    Family-oriented community where aging-in-place is a priority for longtime homeowners.

    Also serving every San Diego County city and ZIP code.

    San Diego reverse mortgage specialists — visit our San Diego County hub →

    Qualification Requirements

    • Be at least 62 years old for FHA HECM programs (proprietary jumbo reverse mortgage programs may be available starting at age 55 through select lenders)
    • Own your home outright or have a low mortgage balance
    • Live in the home as your primary residence
    • Maintain the home and pay property taxes and insurance
    • Complete HUD-approved counseling session

    How Does It Work?

    1. Application & Counseling

    Complete a HUD-approved counseling session and submit your application. We'll guide you through every step.

    2. Home Appraisal

    An appraiser will determine your home's current market value to calculate available equity.

    3. Loan Approval

    Once approved, you'll select your preferred payout option and close the loan.

    4. Receive Your Funds

    Receive payments based on your chosen option while continuing to live in your home.

    Important Considerations

    While reverse mortgages offer significant benefits, it's important to understand all aspects:

    • Loan Repayment: The loan becomes due when you sell the home, permanently move out, or pass away. Your heirs can repay the loan and keep the home, or sell it to pay off the balance.
    • Home Maintenance: You're responsible for property taxes, homeowners insurance,HOA fees, and home maintenance.
    • Equity Impact: Your home equity will decrease over time as loan balance increases with interest and fees.
    • Impact on Heirs: Less equity may be available to pass to heirs, though they're never responsible for more than the home's value.
    • Non-Borrowing Spouse: Special protections exist for non-borrowing spouses to remain in the home.

    Reverse Mortgage FAQs

    To qualify for a federally insured HECM reverse mortgage, you must be at least 62 years old. Proprietary jumbo reverse mortgage programs offered through select private lenders may be available to homeowners as young as 55. All reverse mortgages require the home to be your primary residence.

    No. A reverse mortgage does not require monthly mortgage payments. The loan balance grows over time and is repaid when you sell the home, permanently move out, or pass away. You are still responsible for property taxes, homeowners insurance, and home maintenance.

    The amount depends on your age, your home's appraised value, current interest rates, and the program you choose. For FHA HECMs, the 2026 lending limit is $1,249,125. For high-value San Diego homes that exceed this limit, proprietary jumbo reverse mortgage programs may allow access to significantly more equity.

    Reverse mortgage proceeds are generally not considered income and do not affect Social Security or Medicare benefits. However, if proceeds are not spent in the month received, they may count as assets for Medicaid/Medi-Cal eligibility purposes. Consult a benefits counselor for your specific situation.

    A HECM for Purchase (H4P) allows homeowners 62+ to buy a new primary residence using reverse mortgage proceeds combined with a down payment — with no monthly mortgage payments on the new home. It is ideal for San Diego seniors looking to downsize, relocate within the county, or move closer to family while preserving retirement savings.

    For equity-rich homeowners 62+ who want to stay in their home, supplement retirement income, or eliminate monthly mortgage payments, a reverse mortgage can be a powerful financial tool. San Diego's high home values mean many local homeowners have significant equity available. A HUD-approved counseling session is required before closing — we can help connect you with a counselor.

    What Our Clients Say

    5.0 from 32 Google reviews
    Kensuke Yamamoto

    Kensuke Yamamoto

    a month ago

    This was my second time working with Omar, and once again, he exceeded my expectations. I chose to work with him again because of the excellent experience I had the first time, and he continued to deliver outstanding service. From start to finish, Omar was incredibly responsive, professional, and easy to work with. Whenever I had a question, he replied quickly and always took the time to make sure I fully understood the answer. What really sets Omar apart is how well he guides his clients through the mortgage process. He clearly explained each step, kept me informed about what to expect next, and made sure I always knew where we were in the process. Buying or refinancing a home can be overwhelming, but Omar made everything feel smooth, organized, and stress-free. He was also very efficient and kept everything moving forward without unnecessary delays. I truly appreciated his patience, attention to detail, and commitment to providing exceptional customer service. It’s rare to find someone who is not only knowledgeable and efficient but also genuinely cares about making the experience as easy as possible for their clients. That’s why I came back to Omar a second time, and I wouldn’t hesitate to recommend him to anyone looking for a trustworthy, responsive, and dedicated mortgage broker. Thank you again, Omar, for another outstanding experience!

    Levi Renninger

    Levi Renninger

    a month ago

    Omar is the best and most dynamic mortgage broker in San Diego. He is highly knowledgeable, honest, and responsive. He truly always keeps his client's best interest in mind and continues to advocate for them throughout the process. After 18 months of looking for a refinance with > 4 different brokerage firms, Omar was the one to finally get the job done. He was able to use his network of banks to find the right match for me to refinance my mortgage despite the HOA having outstanding repairs necessary to balconies, which had been blocking me and anyone in my community from refinancing for the past 1.5 years. He is very personable and goes above and beyond, often answering outside of typical work hours which was never expected but appreciated. We secured a great loan for myself that almost sounded too good to be true, but with no catches. When interest rates drop 1% whether it is in 1 year or 10 years, Omar will be the first person I contact!

    Diane Flood

    Diane Flood

    a month ago

    Omar is one of the nicest men I have ever encountered. He is very respectful and is always there for me, even on weekends he will return my calls. I know I should not call him during the weekends, but he always makes everything easier on me when I am in a panic for whatever situation I am in. He makes everything 100% better. When I first got my reverse mortgage, Omar was on top of each and every detail and solved all my requests and concerns. He definitely knows how to sooth one's mind while in a panic. He always does for me. I highly recommend Omar as an advisor. Thank you, Omar you are, the best indeed. Fondly, Diane F.

    Lycia Rios

    Lycia Rios

    6 months ago

    We had an excellent experience working with Omar for our HELOAN to secure the down payment on our second home. From start to finish, he demonstrated incredible knowledge and experience in navigating the lending process. He took the time to explain every detail clearly, answered all of our questions, and made sure we fully understood our options. What truly stood out was how committed he was to acting in our best interest as borrowers. He carefully evaluated different scenarios to ensure we were making the smartest financial decision for our family. We never felt rushed or pressured — just genuinely supported. On top of his professionalism, he is friendly, approachable, and easy to communicate with, which made what could have been a stressful process feel smooth and manageable. We are so grateful for his guidance and highly recommend him to anyone looking for a knowledgeable and trustworthy mortgage professional!

    Patrick Yrigoyen

    Patrick Yrigoyen

    10 months ago

    Working with Omar to purchase my first investment property was an absolute pleasure. The entire process was quick and painless, thanks to his professionalism and proactive approach. Omar asked for everything he needed upfront, which eliminated the usual back-and-forth and made the experience incredibly smooth. He kept us informed with timely updates and was always available to answer questions. One standout moment was when Omar flagged a property that was underinsured—his advice helped us avoid potential issues that could have surfaced down the line. That level of diligence and care truly sets him apart. If you're looking for a mortgage broker who is thorough, communicative, and genuinely invested in your success, Omar is the one. Highly recommended!

    Kensuke Yamamoto

    Kensuke Yamamoto

    a month ago

    This was my second time working with Omar, and once again, he exceeded my expectations. I chose to work with him again because of the excellent experience I had the first time, and he continued to deliver outstanding service. From start to finish, Omar was incredibly responsive, professional, and easy to work with. Whenever I had a question, he replied quickly and always took the time to make sure I fully understood the answer. What really sets Omar apart is how well he guides his clients through the mortgage process. He clearly explained each step, kept me informed about what to expect next, and made sure I always knew where we were in the process. Buying or refinancing a home can be overwhelming, but Omar made everything feel smooth, organized, and stress-free. He was also very efficient and kept everything moving forward without unnecessary delays. I truly appreciated his patience, attention to detail, and commitment to providing exceptional customer service. It’s rare to find someone who is not only knowledgeable and efficient but also genuinely cares about making the experience as easy as possible for their clients. That’s why I came back to Omar a second time, and I wouldn’t hesitate to recommend him to anyone looking for a trustworthy, responsive, and dedicated mortgage broker. Thank you again, Omar, for another outstanding experience!

    Levi Renninger

    Levi Renninger

    a month ago

    Omar is the best and most dynamic mortgage broker in San Diego. He is highly knowledgeable, honest, and responsive. He truly always keeps his client's best interest in mind and continues to advocate for them throughout the process. After 18 months of looking for a refinance with > 4 different brokerage firms, Omar was the one to finally get the job done. He was able to use his network of banks to find the right match for me to refinance my mortgage despite the HOA having outstanding repairs necessary to balconies, which had been blocking me and anyone in my community from refinancing for the past 1.5 years. He is very personable and goes above and beyond, often answering outside of typical work hours which was never expected but appreciated. We secured a great loan for myself that almost sounded too good to be true, but with no catches. When interest rates drop 1% whether it is in 1 year or 10 years, Omar will be the first person I contact!

    Diane Flood

    Diane Flood

    a month ago

    Omar is one of the nicest men I have ever encountered. He is very respectful and is always there for me, even on weekends he will return my calls. I know I should not call him during the weekends, but he always makes everything easier on me when I am in a panic for whatever situation I am in. He makes everything 100% better. When I first got my reverse mortgage, Omar was on top of each and every detail and solved all my requests and concerns. He definitely knows how to sooth one's mind while in a panic. He always does for me. I highly recommend Omar as an advisor. Thank you, Omar you are, the best indeed. Fondly, Diane F.

    Lycia Rios

    Lycia Rios

    6 months ago

    We had an excellent experience working with Omar for our HELOAN to secure the down payment on our second home. From start to finish, he demonstrated incredible knowledge and experience in navigating the lending process. He took the time to explain every detail clearly, answered all of our questions, and made sure we fully understood our options. What truly stood out was how committed he was to acting in our best interest as borrowers. He carefully evaluated different scenarios to ensure we were making the smartest financial decision for our family. We never felt rushed or pressured — just genuinely supported. On top of his professionalism, he is friendly, approachable, and easy to communicate with, which made what could have been a stressful process feel smooth and manageable. We are so grateful for his guidance and highly recommend him to anyone looking for a knowledgeable and trustworthy mortgage professional!

    Patrick Yrigoyen

    Patrick Yrigoyen

    10 months ago

    Working with Omar to purchase my first investment property was an absolute pleasure. The entire process was quick and painless, thanks to his professionalism and proactive approach. Omar asked for everything he needed upfront, which eliminated the usual back-and-forth and made the experience incredibly smooth. He kept us informed with timely updates and was always available to answer questions. One standout moment was when Omar flagged a property that was underinsured—his advice helped us avoid potential issues that could have surfaced down the line. That level of diligence and care truly sets him apart. If you're looking for a mortgage broker who is thorough, communicative, and genuinely invested in your success, Omar is the one. Highly recommended!

    You've Earned This Peace of Mind. Let's Take the First Step Together

    Our experienced San Diego reverse mortgage specialists throughout Southern California are here to answer your questions and help you determine if a reverse mortgage is right for your retirement goals.