Pacific Grove California Reverse Mortgage

Your Pacific Grove Reverse Mortgage Guide

Welcome to Pacific Grove

Are you a homeowner in Pacific Grove looking for financial support in retirement? A reverse mortgage home loan may be the solution you’ve been seeking. This type of loan allows homeowners aged 62 and older to access their home equity without the obligation to make monthly payments. Instead, the loan is repaid when the borrower sells the home or passes away. Reverse mortgage loans can provide a stable financial foundation and allow seniors to age in place with the comfort and security of their own home.

Reverse Mortgage

Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.

Learn More about a Reverse Mortgage

Reverse Mortgage for Purchase

Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.

Learn More about a Reverse Mortgage for Purchase

HECM to HECM Refinance

A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.

Learn More about a HECM to HECM Refinance

Cash Out Reverse Mortgage

A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.

Learn More about a Cash Out Reverse Mortgage

Jumbo Reverse Mortgage

A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.

Learn More about a Jumbo Reverse Mortgage

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Pacific Grove Approved Reverse Mortgage Counseling Agencies

HUD Approved HECM Counseling Agencies

The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:

National Counseling Agencies

ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/

Money Management International
(877) 908-2227
https://www.moneymanagement.org/

Credit.org
(800) 947-3752
https://www.homeownership.org/

National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/

Greenpath
(888) 860-4167
https://www.greenpath.com/

Navicore
(866) 855-7736
https://navicoresolutions.org/

Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/

NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/

Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/

California Counseling Agencies

Pacific Grove California Frequently Asked Questions

How does a Reverse Mortgage work in Pacific Grove California?

A reverse mortgage in Pacific Grove, California, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.

To obtain a reverse mortgage in Pacific Grove, California, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.

Do I make mortgage payments on my Reverse Mortgage in Pacific Grove?

No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.

What qualifies for a reverse mortgage in Pacific Grove?

A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:

  • The youngest borrower on the loan must be 62 years old or older
  • Having an existing mortgage loan balance is OK as long as there is sufficient equity in the home
  • It must be your primary residence, not rental homes or vacation homes
  • Reverse mortgage loans are available as refinance or purchase loans.

How do I receive my money when I get a reverse mortgage?

With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.

About Pacific Grove California

Welcome to Pacific Grove, a charming coastal city located in Monterey County, California. With a population of just over 15,000, this quaint little town is the perfect place to get away from the hustle and bustle of city life.

Pacific Grove was founded in 1875 by a group of Methodists who wanted to create a retreat for spiritual renewal. Since then, the city has grown to become a popular tourist destination, thanks to its beautiful scenery and abundance of outdoor activities. From whale watching and kayaking to hiking and biking, Pacific Grove has something for everyone.

The city is also home to several parks and community centers, including Lovers Point Park, which offers stunning views of the Pacific Ocean and a variety of recreational activities. There are also several local schools, including Pacific Grove High School and Pacific Grove Middle School.

Pacific Grove is a great place to relax and enjoy the beauty of nature. Whether you’re looking for a peaceful getaway or an exciting adventure, Pacific Grove has something for everyone. Come and explore this charming coastal town and create memories that will last a lifetime.

Things To Do In Pacific Grove

Top Sights in Pacific Grove, CA


Monterey Bay Aquarium

Lovers Point Park

Asilomar State Beach

Ocean View Boulevard

Sloat Avenue

9th Street

Congress Avenue

Presidio Boulevard

Syida Drive

Lawton Avenue

16th Street

Egan Avenue

David Avenue

Caledonia Avenue

Lighthouse Avenue

Shell Avenue

Shafter Avenue

Esplanade Street

Point Pinos Lighthouse (1855)

Monarch Butterfly Sanctuary

Lover's Point Beach

Pacific Grove Museum of Natural History

Berwick Park

Pacific Grove Golf Links

2nd Street

John Denver Memorial

The Links at Spanish Bay

Steinbeck Plaza

A Taste of Monterey - Wine Market & Bistro

Spanish Bay Circle

Kissing Rock View Point

Congress Road

Caledonia Park

Lovers Point

McAbee Beach

Point Pinos Lighthouse Reservation

Bird Rock Vista Point

George Washington Park

Cannery Row

Pacific Grove Art Center

Rip Van Winkle Open Space

San Carlos Beach Park

17-Mile Drive

17 Mile Drive

Cannery Row

Carmel River State Beach

The Open Sea

Coast Guard Pier

Jewell Park

The Butterfly House

Jameson’s Classic Motorcycle Museum

Pacific Grove Heritage Society

Splash Zone & Penguins

Cannery Row Monument

Asilomar State Marine Reserve

Perkins Park

Pierce Ranch Vineyards

Pacific Grove Marine Gardens State Marine Conservation Area

Andy Jacobsen Park

Arnett Park

Thomas Kinkade Gallery of Monterey

Del Monte Golf Course

Presidio of Monterey Museum

Two Wheel Tours

Huckleberry Hill

S F B Morse Botanical Reserve

San Carlos Beach

Lower Presidio Historic Park

Archer Park

Monterey Mirror Maze

Macabee Beach

Monterey Bay Coastal Trail

Jacks Peak Park

Point Joe

Clinton Walker House - Frank Lloyd Wright

China Rock

Carmel Beach

Palo Corona Regional Park

Sand City Beach

Bird Rock Road

Frog Pond Wetland Preserve

Eolian Dunes Preserve

Robinson Jeffers Tor House Foundation

Ford Meadow

Ocean Avenue

Butterfly House

Laguna Grande Regional Park Trail

Monterey Peninsula Regional Park District

Jacks Peak

Carmel Bay

Monterey Peninsula Recreational Trail

Street Names in Pacific Grove, CA

11th St 12th St 13th St 14th St 15th St 16th St
17th St 18th St 19th St 20th St Acacia Ave Acacia St
Acorn Ct Acropolis St Adobe Ln Alder St Arena Ave Arkwright Ct
Asilomar Ave Asilomar Blvd Austin Ave B St Balboa Ave Bayview Ave
Beach St Beacon Ave Beauford Pl Beaumont Ave Beaumont Dr Benito Ave

Reverse Mortgage Regulations

HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”

Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”

NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.

NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions.  They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.

Reverse Mortgage Lenders near Pacific Grove

Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.

We are proud to serve the residents of Pacific Grove. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.

Reverse Mortgage Resource Center
Phone: 385-503-2224

Reverse Mortgage Resource Center – Pacific Grove

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REVERSE MORTGAGE RESOURCE CENTER ~lIVE lIFE ON yOUR tERMS~


Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.