Best Reverse Mortgage Companies in San Francisco, CA
American Advisors Group (AAG)
American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.
Community First National Bank
Community First National Bank offers personalized service for reverse mortgages and quick closing. The company offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.
Guarantee Mortgage
Direct lender in California mortgage industry. Offers HECMs, HECMs for purchase, and proprietary reverse mortgages for high-value homes. Call for a free consultation with a reverse mortgage specialist.
SunnyHill Financial
SunnyReverse has no origination fees for reverse mortgages and pays for your appraisal. Fill out a brief form on the website to get your personalized Reverse Mortgage Success Package without a credit check.
Reverse Mortgages Only
Specializes in reverse mortgages for California. Provides HECMs, HECMs for purchase, and proprietary (jumbo). Member of National Reverse Mortgage Lenders Association. Also helps senior homeowners connect with a network of trusted professionals, such as attorneys or plumbers.
EstaR Mortgage
Offers a full line of mortgage products, including reverse mortgages. Set up a free consultation with a reverse mortgage expert and receive a free eBook. An expert will guide you through the application process and all the necessary steps.
Larry Martinez, Mortgage Broker
Offers free, no-obligation consultations. Specializes in helping clients qualify for loans with low interest rates; provides support throughout the application and closing process.
Mortgage Connection
Helps reverse mortgage borrowers receive money from the equity in their homes even without many traditional mortgage qualifications. Offers paperless and e-signing for most documents to streamline the loan process.
Fresh Home Loan Inc.
Independent Bay Area mortgage brokers who offer a full line of home loans, including reverse mortgages, from various wholesale lenders. Brokers focus on personalized service, lower rates, and a stress-free experience.
Mayfair Mortgage
Use the online reverse mortgage qualifier to preview what you qualify for based on your criteria. Compare HECM options and talk with a loan officer to learn which financing best suits your needs. Change your disbursement method at any time.
Reverse Mortgage Costs in San Francisco, CA
Homeowners in San Francisco can borrow up to $970,800 for a reverse mortgage, the 2023 HECM maximum nationwide claim amount. When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes. Reverse mortgage origination fees are capped at $6,000. Other fees include servicing, closing costs, mortgage insurance, and interest. Several factors impact the cost of a reverse mortgage in California:
- Age of borrower
- Home equity
- Lender fees
- Market interest rates
- Credit history
- Type of loan
The most common type of reverse mortgage is a Home Equity Conversion Mortgage, or HECM, which is backed by the FHA. Many lenders also offer a HECM for purchase option, which allows the borrower to take a reverse mortgage to purchase a new home.
How a Reverse Mortgage Works
You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties do not qualify. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender. A reverse mortgage allows borrowers to leverage their home equity for cash. Then, they’ll use the money to supplement retirement income, make necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts. You can decide how to spend the funds from a reverse mortgage, but if you cannot keep up with property taxes, homeowners insurance, and home maintenance costs, the lender will require you to set aside funds from the loan to cover those expenses.
San Francisco, CA Reverse Mortgage Eligibility Requirements
A reverse mortgage is a good financial tool for San Francisco retirees 62 and over who:
- Have paid off their homes
- Have significant equity but haven’t hit social security age yet
- Plan to stay in their homes
About 38% of San Fransisco, residents own their homes, according to the U.S. Census. This is lower than most U.S. cities. Still, a reverse mortgage could be a sensible choice for borrowers over the age of 62 who own their homes but don’t have a lot of income to meet their retirement needs in an expensive state like California. Proceeds from a reverse mortgage can supplement retirement savings or help bridge the gap between early retirement and the onset of social security payments. However, a reverse mortgage does not make sense for homeowners who plan to sell their homes or move to a retirement community, as the loan becomes due when the home is no longer the borrower’s primary residence. Homeowners who qualify for another type of home equity loan or line of credit won’t need a reverse mortgage. Before applying for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.
San Francisco, CA Reverse Mortgage Company Reviews
Guarantee Mortgage
Guarantee Mortgage is a direct lender specializing in California home financing, including reverse mortgages. Options include HECMs, HECMs for purchase, and jumbo (proprietary) reverse mortgages up to $3 million. Contact a reverse mortgage specialist to learn about options and to customize a loan that fits your needs. Past clients praise the company’s patient loan officers who explain all parts of the loan process. Other reviews mention excellent rates, responsive loan officers, and great outcomes.
- 20+ years of experience
- 10 offices between Northern and Southern California
| Guarantee Mortgage | |
| Address | 505 Montgomery St #1275, San Francisco, CA 94111 |
| Phone Number | (415) 441-5050 |
SunnyHill Financial
SunnyHill Financial offers a variety of home loan products, including FHA-backed reverse mortgages through the SunnyReverse division. The company eliminates all reverse mortgage origination fees and offers the Reverse Mortgage Success Package without pulling your credit. Complete the quick information form online to get your personalized package. Then, a loan officer will guide you through the best options for your situation. Customers experienced fast closing times, friendly service, expert guidance and excellent communication. Several reviewers mentioned great rates.
- No credit pull or origination fees
- Advertises faster-than-average closing times
| SunnyHill Financial | |
| Address | 600 California St Suite 15-007, San Francisco, CA 94108 |
| Phone Number | 1 (800) 371-7986 |
Reverse Mortgages Only
As its name indicates, Reverse Mortgages Only specializes in reverse mortgages for California homes, including proprietary, HECM and HECM for purchase. The company represents multiple lenders, which allows you to comparison shop for the best rates. A specialist will come to your home for a consultation. This company earned a five-star rating for helping clients understand all their options and guiding them through the loan process. Other customers said the staff really cared and made them feel comfortable.
- In-home consultations available
- Based in San Francisco but serves all of California
| Reverse Mortgages Only | |
| Address | 40 Birch St C, Redwood City, CA 94062 |
| Phone Number | (650) 591-4400 |
EstaR Mortgage
Chris Freck at EstaR Mortgage offers a full line of home loan products, including reverse mortgages. Begin the process with a consultation to ensure you understand your options and obligations. All fees are disclosed upfront. Mr. Freck has a five-star rating from customers who like that he and his team are responsive and efficient in finding competitive rates. Others appreciate this company’s transparency, top-notch communication, and follow through.
- BBB accredited business
- Licensed in California, Oregon, and Washington
| EstaR Mortgage | |
| Address | 2413 Webb Ave STE E, Alameda, CA 94501 |
| Phone Number | (510) 463-1003 |
Larry Martinez, Mortgage Broker
Larry Martinez, Mortgage Broker, helps clients qualify for loans with low interest rates. Licensed with NMLS and CalBre, Mr. Martinez focuses on making the loan process easy while considering various options. This company provides a whole family of mortgage products, including HECMs. Customers like that their loan officers presented multiple detailed options and updated them on loan status. This business earned five stars for saving clients money and closing on time with a great rate.
- Free, no obligation consultation
- Fast closing times
| Larry Martinez, Mortgage Broker | |
| Address | 4304 Redwood Hwy #100, San Rafael, CA 94903 |
| Phone Number | (415) 308-4466 |
Mortgage Connection
Mortgage Connection strives to match each client’s needs with a wide array of loan options, including reverse mortgages tailored to your situation. HECMs from Mortgage Connection are easier to qualify for than traditional loans. The company has been local to Northern California since 1998. Customers consistently gave this business five stars for loan officers who explained different loans and found the best deals. Many reviewers say they are repeat customers and chose Mortgage Connection because of the efficient and quick process and the low rates.
- More than 10,000 loans closed in two decades
- E-sign documents for faster processing
| Mortgage Connection | |
| Address | 1435 Huntington Ave #102, South San Francisco, CA 94080 |
| Phone Number | (650) 553-9880 |
Fresh Home Loan Inc.
Fresh Home Loan is an independent mortgage broker offering home purchase and refinance loans, including proprietary and HECM reverse mortgages. As a broker, the company partners with multiple lenders to bring clients the best options. Call to discuss your situation or use the free online assessment tool to decide if a reverse mortgage is the right financial decision. Reviewers said the Fresh Home Loan loan process was smooth and easy. Others noted that the loans with this company resulted in better rates and more financial security.
- Knowledge of the East Bay market
- Free newsletter and mortgage education videos
| Fresh Home Loan Inc. | |
| Address | 1151 Harbor Bay Pkwy # 136, Alameda, CA 94502 |
| Phone Number | (510) 282-5456 |
Mayfair Mortgage
Dominique Stevens at Mayfair Mortgage Advisors offers a range of home loans from multiple lenders. HECMs are available with a lump sum, line of credit, monthly payments, or a combination of options. You can change your disbursement choice during the life of the loan. Reviewers give this loan officer five stars for fast turnaround times and consistent, reliable communication. Other reverse mortgage borrowers were thankful that this company helped them qualify for a loan that changed their lives.
- Browse rate comparisons online
- Free reverse mortgage evaluation
| Mayfair Mortgage | |
| Address | 4040 Civic Center Dr #200, San Rafael, CA 94903 |
| Phone Number | (415) 250-8908 |
