Business Details
34 Years
experience
Trusted Reverse Mortgage Specialist in San Diego, CA
Farwest Mortgage has been dedicated to empowering seniors through reverse mortgage solutions since 1992. With over four decades of mortgage industry experience, including executive roles at national lenders, Becky Smith specializes in HUD-approved Home Equity Conversion Mortgages (HECM). Our expertise in reverse mortgage counseling, property appraisal coordination, and loan processing ensures clients receive personalized guidance tailored to their financial needs.We prioritize transparency, offering a lowest-cost guarantee while maintaining compliance with FHA and HUD regulations. Our team's deep understanding of senior financial planning, combined with in-home consultations, has helped hundreds of California residents secure tax-free income through home equity conversion. By maintaining active relationships with multiple lenders, we provide competitive options for clients across San Diego County and throughout California.
Services
Reverse Mortgage
HECM Loans
Mortgage Counseling
Property Appraisal
Loan Processing
Details
- Year established: 1992
Highlights and features
- 40+ years of mortgage industry experience
- HUD-approved HECM loan specialist since 1992
- Personalized in-home consultations available
- Lowest-cost guarantee on reverse mortgage solutions
- Serves all California counties with local expertise
Associations and certifications
- HUD
- California Bureau of Real Estate
What people say
Guardian angel
Accurate answers
Patient and knowledgeable
Best deal available
Confidence in decision
Services
Reverse Mortgage
Reverse mortgages convert home equity into tax-free income for seniors aged 62+. This HUD-insured program eliminates monthly mortgage payments while maintaining property ownership. Funds can be used for debt consolidation, home improvements, or supplemental income. The loan becomes due when the property is sold or no longer serves as primary residence.
Mortgage Counseling
Mandatory HUD-approved counseling educates borrowers about reverse mortgage terms, financial implications, and alternatives. Our specialists explain eligibility requirements, interest accrual mechanisms, and property maintenance obligations. This independent counseling ensures informed decision-making before loan application.
Property Appraisal
Professional appraisals determine market value for reverse mortgage qualification. Our network of certified appraisers evaluates property condition, comparable sales, and market trends. Accurate valuation maximizes potential loan amounts while meeting FHA requirements for property standards.
Loan Processing
Comprehensive loan processing includes document preparation, credit evaluation, and underwriting coordination. We manage title searches, insurance verification, and financial assessments to ensure compliance with federal regulations. Our team facilitates smooth transitions through each stage of the reverse mortgage approval process.
HECM for Purchase
HECM for Purchase allows seniors to buy a new primary residence using reverse mortgage proceeds. This option eliminates traditional mortgage payments while providing immediate home equity access. The program requires minimum down payment based on age and current interest rates.
People
Becky Smith
Reverse Mortgage Specialist
Mortgage professional since 1980 with HUD-approved HECM expertise since 1992. Former executive at national lenders with over 20 years of management experience. Specializes in reverse mortgage solutions for California seniors, offering personalized service and lowest-cost guarantees.
Questions
What is a reverse mortgage?
A reverse mortgage converts home equity into tax-free income for seniors aged 62+. No monthly payments are required while living in the home as primary residence.
How does HECM differ from traditional mortgages?
HECM loans eliminate monthly payments, with repayment deferred until property sale or owner's departure. The loan balance grows with accrued interest while homeowners retain title.
What are eligibility requirements?
Borrowers must be 62+, own the home outright or have significant equity, and use it as primary residence. Property must meet FHA standards.
How are proceeds distributed?
Funds can be received as lump sum, monthly payments, or line of credit. Distribution method affects total available amount and growth potential.
What costs are associated with reverse mortgages?
Typical costs include origination fees, closing costs, mortgage insurance premiums, and appraisal fees. Our lowest-cost guarantee ensures competitive pricing.
How does Becky Smith assist clients?
We provide personalized guidance through every step, from initial counseling to loan closing. Our services include in-home consultations, multiple lender options, and ongoing support.
