MLS Reverse Mortgage is a reverse mortgage lender offering HECM (Home Equity Conversion Mortgage) reverse mortgages in San Jose, CA. Currently, the HECM is the most popular type of reverse mortgage offered in San Jose, Calilfornia. The HECM in fact, is the most popular loan nationwide as well. A major reason is the versitility of the loan. It offers a fixed rate, adjustable rate and it’s even available to use to purchase a new home.
FHA Reverse Mortgages in San Jose, California
San Jose is really seeing a benefit due to the Government’s passing of the American Recovery and Reinvestment Act of 2009, which increased the national reverse mortgage lending limit to $625,500 and will continue through 2014. What that means to seniors looking to get a San Jose reverse mortgage is an increase in the total benefit available to them. Use our reverse mortgage calculator to determine the total benefit. The average max claim amount (MCA) in San Jose is $547,000 for HECMs endorsed through November, 2013.
For comprehensive San Jose reverse mortgage information, please see the links above. If you would like someone to contact you, please fill out the form to the right.
San Jose Reverse Mortgage Numbers
Reverse Mortgage Numbers Further Broken Down by MSA (Metropolitan Statistical Area)
|San Francisco Total HOC HECM Originations (Past 3 Years)|
|MSA||HECM Loans Originated|
|Oakland | Freemont | Hayward||1,618|
|San Francisco | San Mateo | Redwood City||1,199|
|San Jose | Sunnyvale | Santa Clara||1,114|
|Santa Rosa | Petaluma||429|
|Santa Cruz | Watsonville||190|
|Vallejo | Fairfield||176|
|Eureka | Arcada | Fortuna||98|
Total for SAN FRANCISCO HOC: 5,228
HECM Loans Originated in HUD Office SAN FRANCISCO rolled up to the MSA level
Performance Period: Displaying HECM loans that were endorsed within the past 3 years
Data shown includes all cases with beginning endorsement date between January 01, 2011 and December 31, 2013
Considering a Non-FHA Reverse Mortgage?
In San Jose, many home values far exceed the MCA limit of $625,500. For those homes, we have a jumbo reverse mortgage available.