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Coronado Reverse Mortgages

Shop for the best deals for Coronado, California reverse mortgages.

Find the best deal on reverse mortgages in Coronado and San Diego County.

Call Today: (760) 334-6155

...or follow the steps below for your free evaluation and quote.

Hotel Del Coronado
Hotel Del Coronado- Flickr

Coronado 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 Coronado, Imperial Beach, Egger Highlands, and Palm City.

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 Coronado area.

Coronado Reverse Mortgage Facts
Coronado Reverse Mortgage Facts

Today, the median home value in Coronado is approximately $2,197,148. Many homeowners in the area may choose to apply for a private jumbo reverse mortgage for properties above $822,375. Private reverse mortgages provide significantly more proceeds for eligible homeowners with higher-valued properties. 

$822,375 is the current maximum lending limit for FHA-insured reverse mortgages. This means with a federally-insured reverse mortgage in greater Coronado (and across the country), the first $822,375 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.

Coronado Bridge, San Diego Harbor
Coronado Bridge, San Diego Harbor-California- Wikimedia Commons

 

About Coronado

It’s fitting that such a picturesque location should bear the Spanish name “crowned one” given by explorer Sebastián Vizcaíno. Therefore Coronado’s nickname The Crown City seems most appropriate. Coronado is connected to the mainland by an isthmus named the Silver Strand. It is also connected to downtown San Diego by the Coronado Bridge which spans across San Diego Harbor. The city’s origins are found in a planned resort community to be created by Elisha Spurr Babcock, Hampton L. Story, and Jacob Gruendike. In 1888 the business partners built the iconic Hotel Del Coronado which sits along a stunning white sand beach. Geographically Coronado is a sandy isthmus or tombolo; that is a narrow sandy strip of land connected by a spit or sand bar.

Coronado’s 32.7 square miles of land are shared between the town, resort cottages, hotels, and the military. To the north is the Navy’s Naval Air Station North Island, the famous training base for Navy Seals and Special warfare combat crewmen. These installations are called the Naval Base Coronado complex. In 2020 the estimated population of the city was 28,521 residents.

Coronado area attractions include Coronado Beach, Hotel Del Coronado, Centennial Park, and Silver Strand State Beach.

Contact your Coronado, California and eastern 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.