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Bonita Reverse Mortgage Lenders
Reverse Mortgage West focuses on meeting the needs of homeowners’ retirement and lifestyle needs. One way we can help accomplish that mission is with a reverse mortgage.
Our streamlined operations and unparalleled staff support help make the process of getting your reverse mortgage a smooth transition. Our staff brings a combined 40 years of experience in reverse mortgage lending. We serve the communities of Bonita, Bay Terraces, Lincoln Acres, Lower Sweetwater Valley and Rancho Del Rey.
How many of your neighbors have done a reverse mortgage? Here are some interesting facts about reverse mortgages and the housing market in the greater Bonita area.
Bonita, CA Reverse Mortgage Facts
In 2021, the typical home in Bonita costs approximately $948,125. Many homeowners in the area may choose to apply for a private jumbo reverse mortgage for properties above $970,800. Private reverse mortgages provide significantly more proceeds for eligible homeowners with higher-valued properties.
$970,800 is the current maximum lending limit for FHA-insured reverse mortgages in 2022. This means with a federally-insured reverse mortgage in greater Bonita (and across the nation), the first $970,800 of their home value is considered in the calculation of the potential maximum reverse mortgage loan benefit.
In general, reverse mortgages calculate the maximum available loan benefit (before fees, costs, and lien payoffs) for qualified borrowers based on the home’s appraised value, the age of the youngest borrower, or named non-borrowing spouse, and the current/starting effective interest rate.
Bonita is a small unincorporated community in the Lower Sweetwater Valley in San Diego County. It is surrounded by the nearby incorporated cities of Chula Vista, National City and San Diego. The Sweetwater Valley was originally inhabited by the Kumeyaay peoples. The area remained relatively unpopulated until the establishment of Mission San Diego at which time the valley was used for cattle, and the cultivation of lemons which were first introduced in 1871. The area is named after Henry Ernest Cooper, Sr’s Bonita Ranch.
The Bonita area was forever changed with the construction of the Sweetwater Dam which created the Sweetwater Reservoir in 1888. In the last century Bonita has struggled with the expansion of the state highway system. State Route 125 and Interstate 805’s expansion were opposed by Bonita residents in the 1990s and 2000s fearing the rural atmosphere of the area would disappear.
Local activities and attractions in Bonita include Rohr Park, the Chula Vista Municipal Golf Course, Bonita Museum & Cultural Center, and Rice Canyon.
Contact your Bonita, California and greater San Diego County reverse mortgage lender today. Owen Coyle and his team at Reverse Mortgage West are ready to answer any questions or concerns you may have about a reverse mortgage. It's important to get the facts first, discuss your unique goals and needs, and see how much you may be able to qualify for with a reverse mortgage.
Call Owen today at (760) 334-6155 to learn more or complete the steps here to get your free quote.
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