Reverse Mortgage Loans San Francisco
We are a top-rated 5-star reverse mortgage company originating reverse mortgages in San Francisco. We focus 100% on reverse mortgages as we are specialists offering innovative ways to access and utilize home equity in retirement for homeowners in San Francisco and California.
With over 25 years of experience originating mortgages, John Correll, CRMP proudly holds the esteemed CRMP designation as a Certified Reverse Mortgage Professional, showcasing his commitment to all facets of reverse mortgages. John has a proven track record of success in San Francisco, helping clients with their reverse mortgage needs, and he would be delighted to have a conversation with you. Feel free to reach out at (888) 603-1550.
Reverse Mortgage Company Focused 100% on Reverse Mortgage Solutions
Navigating Reverse Mortgages in San Francisco
Many San Francisco homeowners have seen their home values increase a lot, just like in most of California. If you've owned your home for a while and the value has gone up, you probably have a lot of home equity today. Nowadays, with inflation affecting everyone especially those on a fixed income, many older homeowners in San Francisco are thinking about using reverse mortgages to get some money from their homes.
To connect with a true specialist in reverse mortgages, we invite you to get in touch with John Correll. He has more than 25 years of experience in mortgages, and he only focuses on reverse mortgages. John has helped many people in the bay area obtain a reverse mortgage in California.
Explore Ways to Unlock Home Equity in San Francisco Utilizing a HECM or Jumbo Reverse Mortgage
(888) 603-1550
Originating Reverse Mortgage Across All of California
We Invite You to Reqeust Your Customized Reverse Mortgage Proposal Today
Put John Correll's 25 Years of Mortgage Expertise to Work for You
Popular Uses of Reverse Mortgage Proceeds
- Supplementing Retirement Income
- Delay Timing on Social Security
- Lower Monthly Expenses
- Debt Consolidation
- Covering Healthcare Expenses
- Home Renovations
- Travel and Leisure
- Assisting Family Members
- Estate Planning
- Creating an Emergency Fund
To find out if you qualify simply give us a call or request an online quote. (888) 603-1550.
Reverse Mortgage Loan Types Offered in San Francisco
San Francisco homeowners aged 55 and older have various types of reverse mortgage loan choices available.
Accurate Reverse Mortgage Corp is Licensed to Serve and Offer Above Loan Products Across the Entire State of California
Discover the Power of a Reverse Mortgage in San Francisco and the Bay Area
A reverse mortgage offers a convenient method to tap into home equity without needing to make mortgage payments, as long as the borrower remains living in the home and also stays current with property-related expenses, such as property taxes, homeowners insurance, and maintenance costs. Many retirees have found reverse mortgages to be a valuable tool, providing increased financial security and helping them attain their retirement objectives.
Qualification Requirements for a Reverse Mortgage in San Francisco
- Age: Usually 62 or older though some reverse mortgages only need a minimum age of 55.
- Homeowner: You must own your primary home.
- Home Equity: Enough value in your home. Borrower will need "substantial equity" in the their home.
- Financial Check: Prove you can cover property costs like taxes/insurance. Underwriting will review credit & income.
- Counseling: Attend a HUD-approved counseling session
Not a complete list of all requirements - this is a basic overview.
San Francisco Median Home Prices Create an Ideal City for a Jumbo Reverse Mortgage
According to the California Association of Realtors data, in 2023, San Francisco's median home value surpasses $1.2 million. This substantial home equity can offer a unique opportunity for an older homeowner looking into a Jumbo Reverse Mortgage. These types of reverse mortgage can provide loan amounts of up to $4 million, and sometimes even as high as $6 million in special cases. If you're an older homeowner with substantial equity, seeking to access a portion of your wealth while still living in your home, it could be worthwhile to explore this innovative form of reverse mortgage in greater detail.
Pros and Cons of Jumbo Reverse Mortgages vs HECMs and Traditional Loans in San Francisco
The Jumbo Reverse Mortgage is tailored for properties with higher values, and John Correll has a strong track record of assisting numerous clients in California with these mortgages. When comparing a Jumbo Reverse Mortgage to a HECM reverse mortgage or a traditional mortgage, there are both advantages and disadvantages to consider. John can guide you through a detailed comparison of these options, covering aspects like amortization schedules, closing costs, and navigating the complexities of the reverse mortgage paperwork and contract details. Given so many things involved in a reverse mortgage, having a specialist like John on your side is invaluable for addressing your most challenging questions and concerns..
Frequently Asked Questions About Reverse Mortgages in San Francisco
What is the Lending Limit on a Reverse Mortgage in San Francisco?
The current lending limit for a HECM is $1,149,825. Borrowers who qualify are able to access a percentage of the lending limit based on current value of home, their age and interest rate and type of reverse mortgage they apply for.
The current lending limit for a Jumbo or "Proprietary" Reverse Mortgage is a $4 million loan amount.
What is a reverse mortgage in simple terms?
In super simple terms, a reverse mortgage is a way for older homeowners to get money from their home without selling it or making monthly payments. The loan is generally paid it back when the last borrower leaves the house or passes away. Important to note, while there is not a monthly mortgage payment requirement, at least one borrower does need to continue to live in the home and pay ongoing expenses like property taxes, homeowner's insurance bills and home maintenance.
How long does it normally take to get a reverse mortgage in San Francisco?
In most cases it takes around 30-60 days from start to finish to get a reverse mortgage. Step involve requesting a proposal, and completing counseling, application, appraisal, underwriting, closing and loan funding.
What are the requirements to qualify for a reverse mortgage in San Francisco?
To qualify for a reverse mortgage, the main homeowner needs to be 62 years old or older (some lenders might consider those as young as 55 for a propriety reverse mortgage).
Here are the other things the borrower needs to meet:
1. Should own the home completely or have paid off a big part of the mortgage so there is significant equity (at least half as a rule of thumb).
2. Borrower needs to live in the home majority of the time. (owner occupied)
3. Borrower can't be behind on any government debt.
4. Borrower should be able to keep paying property taxes, home insurance, and homeowner association fees and underwriting will do a financial assessment check.
5. Will need to attend an info session with a counselor approved by the U.S. Department of Housing and Urban Development (HUD).
Remember, it's important for the reverse mortgage borrower to manage their loan wisely, budget carefully to avoid running out of money too soon, and make sure they keep up with taxes and insurance payments.
When does the reverse mortgage have to be paid back?
As long as the loan remains in good standing the reverse loan does not have to be paid back until there is a maturity event. Examples of a maturity event include death of last borrower, borrower permanently leaving the home and no longer living there or failing to keep the property taxes, homeowners insurance or maintenance on the home current. After the borrower dies there are several options available to the estate including selling the home or obtaining a replacement mortgage in their own name. Loan servicing will map out a complete list with the estate. Any remaining equity after home is sold belongs to borrower or their estate.
How do I find a reverse mortgage lender in San Francisco?
John Correll is a highly experienced loan officer at Accurate Reverse Mortgage Corp. John has well over 25 years mortgage experience and has dedicated himself 100% to reverse mortgages. We invite you to connect with John by calling (888) 603-1550 and he can guide you from start to finish and determine quickly if you qualify or what things might look like for you.
Turn to John Correll for Your San Francisco Reverse Mortgage Needs.
John Correll, CRMP
Certified Reverse Mortgage Professional
(888) 603-1550
Facts About San Francisco and Its Unique Prospect for Reverse Mortgages
San Francisco, California, is a west coast city famous for its diverse neighborhoods, stunning ocean views, and technological innovation. The population in San Francisco is around 808,000 per most recent US Census data. It's known for landmarks like the Golden Gate Bridge and Alcatraz Island, and it's a hub for big tech companies. The city's hills and famous cable cars add to its charm, while places like Fisherman's Wharf, Chinatown, and Golden Gate Park offer unique experiences. San Francisco's commitment to the environment, culture, and history make it a special destination on the West Coast.
Seven Famous Spots to Visit in San Francisco
- Fisherman's Wharf: This lively waterfront area is filled with seafood restaurants, souvenir shops, and entertaining sea lions basking on the docks, providing a lively and quintessential San Francisco experience.
- Golden Gate Bridge: The towering red suspension bridge offers stunning views of the Pacific Ocean and San Francisco Bay, making it a must-see landmark.
- Chinatown: San Francisco's vibrant Chinatown is one of the largest and most lively outside Asia, where you can find unique shops, markets, and an array of delectable Chinese dishes.
- Lombard Street: Famous for its crooked and winding path, Lombard Street is an enjoyable drive or walk with beautifully manicured gardens and scenic views of the city.
- Alcatraz Island: Alcatraz, a former prison on an island, is known for its fascinating history, with a visit offering a chance to explore the eerie cells and hear tales of notorious inmates.
- Cable Cars: San Francisco's iconic cable cars are both a mode of transportation and a tourist attraction, offering a charming way to navigate the city's hills while experiencing a piece of its history.
- Golden Gate Park: This expansive urban park is home to various attractions, including world-class museums, peaceful gardens, serene lakes, and vast spaces for relaxation and recreation, making it a versatile and beautiful destination for all ages.
San Francisco Real Estate Prices and What It Means for Reverse Mortgages
If you're an older homeowner in San Francisco then you've probably seen your home's value rise due to inflation and the strong real estate market. The surge in real estate has created a lot of home equity wealth for many. We invite you to explore a potential way to tap into some of that wealth, consider looking into a reverse mortgage. A reverse mortgage can grant eligible borrowers access to a portion of their home's value without requiring them to sell, move, or manage expensive monthly mortgage payments. The thriving real estate market has created a unique opportunity for older homeowners, allowing them to use some of their home equity while continuing to reside in their house. These funds can be used for various needs, such as covering expenses or enhancing retirement.
At Accurate Reverse Mortgage, John Correll is an seasoned specialist in reverse mortgages and is ready to assist you. If you're interested in learning more about how a reverse mortgage might benefit you and want to explore your options, John Correll and his team are well-prepared to provide the information and guidance necessary to make an informed decision about a reverse mortgage.
We invite you to give us a call at (888) 603-1550
Reverse Mortgage Company Serving San Francisco
Considering a Reverse Mortgage in San Francisco - Why Choose Us?
More Reverse Mortgage Resources For San Francisco Homeowners
- National Council on Aging - Use Your Home To Stay At Home Guidebook on Reverse Mortgages
- HUD HECM Resource Page For Consumers
- HUD Counseling Handbook
- California Department of Real Estate Guide to Reverse Mortgages
- NRMLA Reverse Mortgage Self-Evaluation Checklist
Choosing the Right Reverse Mortgage Lender or Broker in California
This article reviews some of the key factors in selecting a reverse mortgage lender or broker in California. This guide simplifies the process, explaining what to consider when choosing a company to work with on a reverse mortgage from the loan officer, lender vs broker and what to look out for and avoid. Written from the prospective of a CRMP which stands for Certified Reverse Mortgage Professional.
Inflation in California and the Role of Reverse Mortgages
This article will explore ways a Reverse Mortgage in California may help combat the rising costs associated with inflation. Presented by John Correll, CRMP certified reverse mortgage professional in California.
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