Quick Answer
What is a reverse mortgage and how does it work?
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.
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.
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
What Our Clients Say
Lycia Cardoso
4 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
8 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!
Iris Urvina
8 months ago
Omar is an exceptional broker who truly goes above and beyond. My sister and I were previously stuck in an unfair loan and felt discouraged, thinking we wouldn’t qualify for anything better given our financial situation. Omar took the time to carefully research our options and quickly found a solution that put us in a much better position. He made the entire process clear and stress-free, walking us through every question and detail. Even after closing, he continues to check in and guide us toward our future goals. We’re extremely grateful for his support and expertise!
Amy Genao
10 months ago
Omar was referred to me from multiple friends as a top mortgage broker, and from our first conversation, I could see why. He listened to me patiently, asked insightful questions, and took the time to explain every detail in plain language. What really impressed me was how knowledgeable he is—not just about mortgages, but the broader financial landscape. Omar’s approach is proactive, thorough, and refreshingly human as he’s genuinely invested in helping his clients succeed. I’m grateful for his guidance and would wholeheartedly recommend Omar!
Jorge Zambada
8 months ago
Great experience with Omar, very clear, always available for any questions, transparency of all payments, proactive when it comes to anticipating next steps. I strongly recommend Omar for your next home loan.
Lycia Cardoso
4 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
8 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!
Iris Urvina
8 months ago
Omar is an exceptional broker who truly goes above and beyond. My sister and I were previously stuck in an unfair loan and felt discouraged, thinking we wouldn’t qualify for anything better given our financial situation. Omar took the time to carefully research our options and quickly found a solution that put us in a much better position. He made the entire process clear and stress-free, walking us through every question and detail. Even after closing, he continues to check in and guide us toward our future goals. We’re extremely grateful for his support and expertise!
Amy Genao
10 months ago
Omar was referred to me from multiple friends as a top mortgage broker, and from our first conversation, I could see why. He listened to me patiently, asked insightful questions, and took the time to explain every detail in plain language. What really impressed me was how knowledgeable he is—not just about mortgages, but the broader financial landscape. Omar’s approach is proactive, thorough, and refreshingly human as he’s genuinely invested in helping his clients succeed. I’m grateful for his guidance and would wholeheartedly recommend Omar!
Jorge Zambada
8 months ago
Great experience with Omar, very clear, always available for any questions, transparency of all payments, proactive when it comes to anticipating next steps. I strongly recommend Omar for your next home loan.