Solvang California Reverse Mortgage

Your Solvang Reverse Mortgage Guide

Welcome to Solvang

As a homeowner in Solvang, you have worked hard to build equity in your home. Now, that equity can work for you in your retirement years with a reverse mortgage loan. This type of loan allows you to tap into the equity you have built up in your home without the obligation to make monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial stability and peace of mind, allowing you to enjoy your retirement and age in place in the comfort of your 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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Solvang 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

Solvang California Frequently Asked Questions

How does a Reverse Mortgage work in Solvang California?

A reverse mortgage in Solvang, 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 Solvang, 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 Solvang?

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 Solvang?

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 Solvang California

Welcome to Solvang, the Danish-inspired city of California! Located in the beautiful Santa Ynez Valley, Solvang is a small town with a population of just over 5,000 people. It's the perfect place to get away from the hustle and bustle of the city and enjoy some peace and quiet.

Solvang was founded in 1911 by a group of Danish-American immigrants who wanted to create a Danish-style community in the United States. Since then, the city has kept its Danish roots alive, with many of its buildings and streets reflecting the culture and architecture of Denmark.

There's plenty to do in Solvang, from exploring the city's many shops and restaurants to visiting its local parks and community centers. The city also has a variety of fun activities, such as the annual Danish Days Festival, the Solvang Festival Theater, and the Solvang Vintage Motorcycle Museum.

If you're looking for a place to stay, Solvang has plenty of lodging options, from cozy bed and breakfasts to luxurious hotels. And if you're looking for a place to learn, Solvang is home to several schools, including Solvang Elementary School, Solvang Middle School, and Solvang High School.

So come on down to Solvang and experience the unique culture and history of this charming Danish-inspired city!

Things To Do In Solvang

Top Sights in Solvang, CA


Ostrichland USA

King Frederik Inn

Elverhøj Museum of History & Art

Hotel Corque

Solvang Trolley & Carriage Tours

Wildling Museum

The Landsby

Hans Christian Andersen Park

Hadsten House Inn

Hans Christian Andersen Museum

Hamlet Inn

Solvang Inn & Cottages

Svendsgaard's Danish Lodge Americas Best Value Inn

River Course At Alisal

Old Mission Santa Ines 1804

Solvang Visitor Center

The M Solvang

Solvang Alisal Vacation Cottages

Santa Barbara Wine Country Cycling Tours

Solvang Farmer’s Market

Solvang Vintage Motorcycle Museum

Sunny Fields Park

Solvang Wind Harp

Solvang Windmill

Solvang Park

Alma Rosa Winery & Vineyards

Flag Is Up Farms

Casa Cassara Winery & Vineyard

Sunstone Winery

Wheel Fun Rentals | Solvang

The Ultimate Escape Rooms

"The Little Mermaid" Fountain

Toccata Tasting Room

Buttonwood Farm Winery & Vineyard

Feliz Noche Cellars

Bethania Lutheran Church

Lions Peak Vineyard

Nojoqui Falls Park

Kalyra Winery

Santa Ynez Valley

Quicksilver Ranch

Gainey Vineyard

Roblar Winery and Vineyards - Santa Ynez Estate Tasting Room

Eat This Shoot That!

Ballard Canyon

Nojoqui Falls Trail

Seein' Spots Farm

Alisal Lake

Vincent Vineyards & Winery

Blackjack Ranch

Nojoqui Falls

Reagan Rancho del Cielo

Gaviota Peak

Piazza Family Wines

stix and stones

Street Names in Solvang, CA

19th St 1st Pl 29th St 3rd St 5th Ave A St
Aalborg Ct Aalborg Way Acacia St Adams Way Adler Ct Adria Ave
Alamo Pintado Ave Amber St Aquastio Canyon Ash Ave Ashton St Atlaus Way
Augusta St Augustenborg Pl Baker Ln Baldwin Way Birch Ave Bishop Rd
Boundary Oaks Ct Buck Canyon Rd Butterfly Ln Carrari Ave Chalfonte Ct Coast Dr

Solvang, CA Zip Codes

93463, 93464,

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 Solvang

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 Solvang. 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 – Solvang

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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.