Reverse Mortgages San Jose

Reverse mortgages help seniors in San Jose retire comfortably, while continuing to own their home and live in it payment-free. Reverse mortgages can provide much-needed mortgage relief or a monthly stream of income to cover the senior’s needs. They can also provide a lump sum of cash to make home improvements, buy a car, a motor-home or pay for a grandchild’s college tuition. FutureSafe Financial serves the greater San Jose area including (but not limited to) Santa Clara, Sunnyvale, Mountain View, Cupertino, Campbell, Los Gatos, Palo Alto, Redwood City, San Mateo, Hayward, Union City and Fremont.

San Jose Reverse Mortgage Key

Seniors in San Jose with a reverse mortgage are able unlock some of that equity and use it however they see fit. And the best part is that they do not have to make any monthly mortgage payments for as long as they live in their home. These seniors who may have lived in San Jose for many years no longer have to move out of the area and retire away from their friends, family and familiar places. This makes a San Jose reverse mortgage very attractive.

FHA Reverse Mortgage Guidelines

The guidelines say that the FHA reverse mortgage (which is the Home Equity Conversion Mortgage or HECM for short) cannot use any value of the home that exceeds $362,790 in determining the amount of money they will lend to the homeowner. These are low limits for a reverse mortgage in the San Jose area and often do not make sense when the home value is well over $500,000. Since there are hundreds of thousands of homes that are worth more in the San Jose area, a reverse mortgage with different guidelines – specifically higher loan limits – is often used.

FHA is Not the Only Reverse Mortgage in San Jose

A non-FHA reverse mortgage is a program that is very similar to the FHA reverse mortgage is almost every way except that it is much more appropriate for the high value homes that our area enjoys. Often called a Jumbo Reverse Mortgage, in San Jose and the surrounding area it is used almost as frequently as the FHA reverse mortgage because it can offer vastly more money. Request a reverse mortgage quote from us and we will be happy to compare the top reverse mortgage programs for you, including the FHA reverse mortgage and several jumbo reverse mortgages.

San Jose Information

San Jose has a population of 973,672 as of January, 2007 and is the third largest city in California. 8.3% of the population is age 65 or older. The median household income for San Jose is $83,089.