San Jose Reverse Mortgage Lender

If you're looking for a reverse mortgage lender in San Jose, we have a reverse mortgage specialist who can help. Call Julea at (916)899-0244 for a free consultation on our reverse mortgage programs.  

What is a Reverse Mortgage?

A Reverse Mortgage is a special type of home loan that enables a senior homeowner 62 years of age or older to access a portion of their equity, tax-free, based on their age, home value and the current interest rate. Unlike traditional home loans or second mortgages, no repayment is required until the homeowner(s) no longer occupy the property as their primary residence.

Who's Eligible?

All owners of the home must apply for the Reverse Mortgage and sign the loan papers. All borrower(s) must be 62 years of age, occupy the home as their primary residence for the majority of the year, and own the home outright or with a relatively low mortgage balance that must be paid off through the proceeds of the Reverse Mortgage. The homeowner(s) must also attend a free HUD Counseling Session either face to face or by telephone.

What Kind of Property is Eligible?

• Single Family One-Unit Dwellings
• 2-4 Unit Owner Occupied Dwellings
• Some Condominiums and Planned Unit Developments (please contact the lender for specifications)
• Some Manufactured Homes (please contact the lender for specifications)

MOBILE HOMES AND COOPERATIVES ARE GENERALLY NOT ELIGIBLE.

How Do Reverse Mortgages Work?

Reverse Mortgage loans typically require no repayment for as long as you live in your home. They must be repaid in full - including interest and financed closing costs - when the last living borrower permanently vacates or sells the property. Because the borrower(s) make no monthly payments the amount you owe grows larger over time. As your debt grows larger, the amount of equity you have left after selling and paying off the loan generally grows smaller. YOU WILL NEVER OWE MORE THAN YOUR HOME'S VALUE at the time loan is paid. Reverse Mortgage borrower(s) continue to own their homes, so you are still responsible for property taxes, insurance and repairs. If you fail to carry out these responsibilities, your loan could become due and payable in full.

Call Julea Roeder  (San Jose reverse mortgage specialist) at (916)899-0244.

We offer reverse mortgage loans in San Jose with your best interest in mind.