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Reverse Mortgages Near You - San Diego Reverse Mortgage Lender
Meet Richard Simpao
Richard Simpao
Broker/Owner, CRMP
NMLS #397136
Get the best reverse mortgage deals in San Diego, California.
Richard Simpao and the San Diego Loan Co are one of the great teams to talk with in southern California if you are interested in securing a reverse mortgage, from Pacific Beach to Chula Vista and right across San Diego County.
Richard is a proud San Diego native who loves his city and community.
He graduated from San Diego State University in mechanical engineering but was ultimately drawn to follow in his father’s footsteps, gaining his California real estate license in 2007.
It wasn’t until 2010, when Richard’s father passed away, that he made a startling discovery.
The retired US Navy Submariner had a reverse mortgage on his home – the one Richard and his siblings grew up in!
The home was ultimately sold, the lender paid off, and the proceeds divided amongst the kids.
It was then that Richard realized how that reverse mortgage had helped his father.
He was able to thrive in his golden years, doing all the things he had wanted!
Come 2011 and Richard decided to focus all his efforts on home loans and reverse mortgages and has since helped hundreds of people live their dreams.
Caption: San Diego, California. Credit: Wikimedia Commons.
Richard’s resume includes 10 years owning Appraisal Center of San Diego where he performed residential appraisals for lenders and attorneys.
He is adamant it is an experience that would benefit all loan officers.
It illustrates his commitment and dedication to the role and helps explain his favorite quote: “Your name is on it, do it right!”
In his free time, Richard enjoys all the rich landscapes and activities that San Diego offers, from surfing its beautiful coastline to riding dirt bikes in the desert.
He also loves traveling abroad with his family.
But most of all, Richard hopes his work helps people achieve their home ownership aspirations, enabling them to enjoy San Diego and beyond as much as he does.
What is a reverse mortgage?
A reverse mortgage is one of the powerful weapons in a loan officer’s armory.
That’s because it nukes money problems for seniors who have equity or have paid off their home but are still finding daily living expenses difficult to meet.
As long as you are 62 years or older, you can apply for a reverse mortgage which converts that equity into a life-altering income stream.
It really is a magic bullet that allows you to not just live life again but love it without having to count every penny.
Go see that show, take that vacation, splash out on the grand kiddies – whatever your heart desires!
There are a range of different payment options available including monthly instalments, a lump sum or a line of credit - a combination of all three is also available.
The real power of a reverse mortgage loan is that as long as the terms of the loan are met, there is no need to repay it until either the homeowner sells the residence or the last surviving borrower passes away.
Median housing prices recently ticked past the million dollar mark in San Diego.
They climbed 4 per cent in the 12 months reaching an average of $1,003,444 (https://www.zillow.com/home-values/54296/san-diego-ca/)*.
San Diegans are well versed on reverse mortgages with 4,129 of them already owning one - 200 have come on board in the last 12 months alone*.
About San Diego, California
San Diego takes its name from the bay christened by Spanish cartographer Sebastian Vizcaino who surveyed the area in 1602.
Curiously, the same bay was named San Miguel by Juan Rodriguez Cabrillo 60 years earlier but it is the second name which stuck.
San Diego is the second biggest city in California and eighth biggest in the country.
The city is famous for its zoo, 70 miles of coastline, surf beaches, laid back lifestyle and gorgeous weather.
It also has a rich sports culture, although not as rich as it once was!
The Padres and San Diego FC are the last two teams that play baseball and soccer on the national stage.
The city lost the Chargers (in 2017) and the Clippers (in 1984) to Los Angeles and the Rockets to Houston way back in 1971.
It is the biggest city never to have won an NFL, MLB, NBA or NHL title (although the San Diego Chargers did win the AFL Championship game in 1963 before the AFL-NFL merger).
The San Diego Yacht Club hosted the America’s Cup three times in 1988, 1992 and 1995.
Oh, and San Diegans love their food.
The city is famous for its seafood, especially fish tacos and Baja-style oysters.
You can even take your four-legged friend to many restaurants – there are more dog-friendly ones per capita there than anywhere else in the US.
Many of the locals wash their food down with craft beer from one of the 150 breweries in the city.
Or if they’re taking it easy, they’ll just drink water - the city imports 168 million gallons of it per day.
Contact your San Diego reverse mortgage lender today
Richard and his San Diego Loan team hope they can help you brighten your retirement with a reverse mortgage.
Please call Richard at (619) 393-2549 for an obligation free discussion about your personal situation.
*As of February 2025
