Coronado Reverse Mortgage
Coronado homeowners age 62 and older can convert part of their home equity into cash with an FHA-insured reverse mortgage (HECM). There are no monthly mortgage payments, you keep the title to your home, and the 2026 FHA lending limit is $1,249,125. Most borrowers access roughly 35 to 60 percent of their home's value, depending on age and interest rates.
Why Coronado homeowners use reverse mortgages
Coronado is an island market with almost no new supply, which has pushed values to roughly double the federal lending limit. Longtime owners here, many of them military retirees who settled after a career, hold equity that the standard FHA program cannot reach on its own.
The money is yours to use how you want: paying off an existing mortgage to end the monthly payment, covering in-home care, home repairs, everyday bills, or simply a cushion that lets you stop worrying.
How it works in Coronado
- Free estimate. We run your age and your Coronado home's value through the FHA formula and show you what you could get.
- Independent counseling. You meet with a HUD-approved counselor who does not work for any lender. California then gives you a 7-day no-pressure period. Your California protections, explained.
- Close and get funded. Any existing mortgage is paid off first, and the rest comes to you: lump sum, monthly payments, or a line of credit. Most loans close in 30 to 45 days.
Coronado by the numbers
Census figures for Coronado (American Community Survey, 2023 five-year estimates):
- 26% of residents are 62 or older, the age a HECM requires.
- 54.6% of homes are owner-occupied, and roughly 2,632 residents 62 and older own their home here.
- Median home value: $1,998,900.
That median sits above the $1,249,125 FHA limit, which means many Coronado owners hit the HECM ceiling before they reach their real equity. A jumbo reverse mortgage is usually the better fit here, and it can start as early as age 55. How the two programs differ.
Coronado details
- County: San Diego County