Apr 27 2008
Reverse Mortgages San Diego
San Diego is one of the hardest-hit markets in California and has seen home values drop by up to 30% in some inland communities. Seniors were once able to qualify for a $300,000 reverse mortgage on a $700,000 home, and now qualify for only $200,000 on their current home value of $500,000. San Diego County is now widely-recognized as a “declining market”, as if declining values weren’t already bad enough. As a result, most California reverse mortgage lenders are automatically reducing the amounts that they will lend on homes in San Diego by 5-6% for their jumbo programs.
Next post will be about Los Angeles.
Info on San Diego Reverse Mortgages
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