San Francisco Reverse Mortgages
 Thinking about getting a reverse mortgage in San Francisco? You are not alone. From 2001 to today there were over 11,000 FHA reverse mortgages in San Francisco and the surrounding area. And there were likely many thousands more non-FHA San Francisco reverse mortgages during the same time period. FutureSafe Financial serves the greater San Francisco Bay Area, including (but not limited to) Daly City, San Mateo, Alameda, Hayward, Sunnyvale, San Jose, Oakland, Berkeley, Fremont, Walnut Creek and Pleasanton.
FHA is Great, But Not the Only Reverse Mortgage in San Francisco
A non-FHA San Francisco 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 Francisco and the surrounding area it is used almost as frequently as the FHA reverse mortgage because it can offer vastly more money.
FHA vs Non-FHA Reverse Mortgage Examples
If you are 65 years old and your home in San Francisco is worth $900,000 you could get about $212,000 on the FHA program, but on the jumbo San Francisco reverse mortgage you could get about $300,000 (as of this writing; amounts are subject to change). As your age goes up, you can get more money. With the same home value, but at age 70, you could get $225,000 on the FHA reverse mortgage, but the amount goes up to about $355,000 on a jumbo San Francisco reverse mortgage (or most any city in the surrounding area).
Increasing Amounts With Age
Continuing on with the example, a 75 year old could get $410,000 on a jumbo reverse mortgage in San Francisco area, or $240,000 on a FHA reverse mortgage. At 80, the amounts go up to $260,000 on the FHA program and $437,000 on the jumbo. So to some degree, the older you are, the more you can get under the reverse mortgage in San Francisco.
Is Waiting Better?
But do not think that the above is a reason to wait for more money - anything can happen in the future - home values could decline, lenders could do away with a program or possibly even make it far better in the future. If you have a reason now to get a San Francisco reverse mortgage, their often is little reason to put it off any longer. This is especially true since you can refinance your reverse mortgage, getting rid of the old one and obtaining a new a new one if the terms become better in the future. Contact FutureSafe Financial for all your San Francisco reverse mortgages needs.
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 Toll Free: 1-866-311-3360 to speak with an Advisor.
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Call Toll Free:
1-866-311-3360
to speak with an Advisor
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