In 2024, there were 645 active reverse mortgage loans in San Luis Obispo County, California. The average home value in San Luis Obispo County is $940,688.97.

Click here to get a reverse Mortgage Quote in San Luis Obispo County, California

To avoid scams, make sure you are working with a licensed lender in California. South River Mortgage is a fully licensed lender in California. The CA state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the California Financing Law License in CA, and our state license identifier is 60DBO-103862.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in San Luis Obispo County

San Luis Obispo County is located in the state of California and is home to a diverse population. Known for its stunning landscapes, including rugged coastline, vineyards, and rolling hills, the county offers a Mediterranean climate with mild, wet winters and warm, dry summers. With a population of approximately 282,261, San Luis Obispo County is a popular destination for outdoor enthusiasts, wine lovers, and those seeking a slower pace of life. The county has a rich history dating back to the time of Spanish colonization, and is dotted with historic missions and charming small towns. For seniors looking to tap into their home equity, a reverse mortgage could be a beneficial option in San Luis Obispo County. With an average home value of $940,688.97, homeowners could potentially leverage their home’s equity to supplement their retirement income. Understanding the average property tax of $5,082.31 and the average interest rate of 4.046% is crucial when considering a reverse mortgage in this picturesque California county.

Reverse Mortgage Loan Origination in San Luis Obispo County

Reverse Mortgage Home Values in San Luis Obispo County

Reverse Mortgage Interest Rates San Luis Obispo County

There are approximately 645 active reverse mortgage loans in San Luis Obispo County. The average interest rate in San Luis Obispo County is 7.65% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in San Luis Obispo County was $1,040,434.78 in 2024.

Click here to get a Reverse Mortgage Quote in San Luis Obispo County, California »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in San Luis Obispo County, CA

With the average home value of $1,040,434.78, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in San Luis Obispo County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in San Luis Obispo County

You can now purchase a home with a reverse mortgage in {county}, CA. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »