Wildomar California Reverse Mortgage

Your Wildomar Reverse Mortgage Guide

Welcome to Wildomar

Are you a homeowner in Wildomar looking for financial support in retirement? A reverse mortgage 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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Wildomar 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

Wildomar California Frequently Asked Questions

How does a Reverse Mortgage work in Wildomar California?

A reverse mortgage in Wildomar, 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 Wildomar, 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 Wildomar?

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 Wildomar?

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 Wildomar California

Welcome to Wildomar, California! This charming city of 33,000 residents is nestled in the foothills of the Santa Ana Mountains and is a great place to visit. Wildomar has a long and rich history, with the first settlers arriving in the late 1800s. The city was officially incorporated in 2008, making it one of the newest cities in Riverside County.

Wildomar is a great place to explore, with plenty of outdoor activities to enjoy. From hiking in the nearby hills to fishing in the lake, there's something for everyone. There are also plenty of parks and community centers to explore, including the Wildomar Community Park and the Wildomar Recreation Center.

The city is also home to several schools, including Wildomar Elementary School, Wildomar Middle School, and Elsinore High School. With its beautiful scenery and friendly atmosphere, Wildomar is a great place to visit and explore. So come on down and experience all that Wildomar has to offer!

Things To Do In Wildomar

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Top Sights in Wildomar, CA


Alameda Del Monte

View Crest Drive

Harrow Hill Road

Blue Mist Way

Harvest Way East

Crimson Lasso Drive

Vista Del Agua

Spur Brook Drive

Windmill Road

Illinois Street

Willow Tree Lane

Lexi Lane

The Farm Road

Sedco Heights Road

Palomar Street

Union Street

Pashal Place

Hixon Street

Seagrass Trail

Pink Ginger Court

Osprey Court

KENTMAN Court

Weatherly Court

Harvest Way

Via Margarita Street

Crooked Arrow Drive

Olive Grove Road

Homestead in Wildomar by Richmond American Homes

Oak Circle Drive

Country Park Drive

Verde Vista Way

Locust Street

Tractor Trail

Chert Lane

Greyhawk Road

Robert Street

Olive Street

Firelight Circle

Crab Hollow Circle

Ascot Hill Circle

David Lane

Gruwell Street

Hilltopper Way

Skydive Elsinore

Marna O'Brien Park

Upper and Lower Copper Canyon Park

Canyon Hills Community Park

Serenity Park

Glen Arbor Park

Summerly Community Park - City of Lake Elsinore

Santa Rosa Plateau Ecological Preserve

Spencer's Crossing Sports Park, Valley-Wide Recreation and Park District

Lake Elsinore

Apple Boulders

Street Names in Wildomar, CA

Agape Ln Akipa Ct Akwo Cir Alameda Del Monte Albert St Alderbrook Rd
Amado Ln Amaryllis Ct Amatista Ave Amberton St Angels Ln Anson Way
Applecart Ct Ari Cir Arnett Rd Arnold Ln Athea Way Atupa Ave
Austin St Autumn Oak Pl Avry Way Awa Cir Balsam St Banyan Rim Dr
Barley Ln Barrengo Dr Batson Ln Baxter Rd Bay Roan Ct Bayberry Rd

Wildomar, CA Zip Codes

92530, 92584, 92595,

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 Wildomar

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 Wildomar. 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 – Wildomar

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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.