San Francisco Reverse Mortgages
Call Us: (415) 449-1952
 Thinking
about getting a reverse mortgage? We would be happy to provide
you with comprehensive reverse mortgage information and quotes, as well as the
friendliest service in the San Francisco Bay Area. Ask about our Internet Special for a
DISCOUNT on the closing costs! FutureSafe Financial serves the greater Bay Area, including (but not limited to) Daly City, San Mateo, Alameda, Hayward, Sunnyvale, San Jose, Oakland, Berkeley, Fremont, Walnut Creek and Pleasanton.
For comprehensive reverse mortgage information,
please see the links on the
right. For a Free Discounted Quote, see below.
San Francisco is one of the leading areas for the reverse mortgage in the State of California. But with the jumbo reverse mortgage in the mix, the statistics for the HUD/FHA program do not tell the whole story.
FHA Reverse Mortgage
The number of reverse mortgages in San Francisco, California that were funded between 2001 and 2008 was over 11,000, one of the largest of any Federal Office region in the State. These statistics pertain to the Home Equity Conversion Mortgage (HECM) that is regulated by the Department of Housing and Urban Development (HUD) and insured by the Federal Housing Authority (FHA). As the seat for County, these figures for San Francisco are derived from the entire population of the county, estimated at over 764,000 in 2007. Approximately 15% of the population is age 65 or older.
Jumbo Reverse Mortgage
It is likely that a large number of jumbo reverse mortgages in San Francisco have been obtained by seniors in recent years. These jumbo programs are entirely distinct from the HECM program and are not included in the figures provided for the HECM program. If they were tracked, it is likely that these jumbo programs would increase the total number of loans for seniors beyond 15,000. This is due to the high value of real estate in San Francisco and the often greater benefit that a jumbo reverse mortgage provides.
San Francisco Median Home Values
The median home price in San Francisco in 2008 is approximately $675,000. At that price, many seniors above the age of 75 would receive a greater benefit from a jumbo reverse mortgage, than from the HECM. In addition, a significant percentage of seniors probably bought their homes in the $100,000 range during San Francisco’s population boom in the 1960’s. As a result, many of these seniors will have large amounts of home equity that they could tap into, in contrast to a high value area that only recently experienced a boom in population.
Information on San Francisco
In the year 2004, the median income for a household in San Francisco County was $51,815. San Francisco was home to 744,041 people in 2006. People over age 65, make up 14.8% of that population. The metropolitan statistical area covers San Francisco, Oakland and Fremont.
Call Us: (415) 449-1952 to speak with an Advisor.
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