Jumbo Reverse Mortgages in San Francisco, Marin, San Mateo, Alameda & Santa Clara Counties
Jumbo Reverse Mortgages for High Value Bay Area Counties
We offer HECM & Jumbo Reverse Mortgages in the San Francisco Bay Area of California including San Francisco, Marin, San Mateo & Santa Clara, Napa, Alameda, Sonoma, Solano counties. The coastal counties of the SF Bay area is a prime market for Jumbo reverse mortgages or commonly known as proprietary reverse mortgages.
What are Jumbo or Proprietary Reverse Mortgages?
Jumbo or proprietary reverse mortgages are loans or mortgages offered by private lenders designed for owners of high-value homes to access larger amounts of home equity. It is a retirement financing tool that allows borrowers who are age 62 or older to access their home equity and maximize their total asset portfolio. For older owners of bay area properties, the home is their largest asset and this is a tool that enables access financially while remaining in the home.
Comparing Jumbo and HECM Reverse Mortgages
Jumbo reverse mortgages have a maximum principal limit of $4,000,000. The HECM or FHA insured reverse mortgage limits the home value to $970,800 (maximum claim amount) and borrower’s get a percentage of that amount based on the age of the youngest borrower, current interest rate and appraised value up to that maximum claim amount. Because the Jumbo’s aren’t government insured, they do not carry the mortgage insurance premiums (MIP) and also don’t carry the government backing. Like the FHA reverse mortgage, there are no monthly mortgage payments required. The interest payment is deferred and accrues until the last remaining borrower leaves the home permanently or the home is sold.
Jumbo’s are fixed rate lump sum options only. There is no line of credit or monthly payment option that the HECM offers through the variable rate options.
Condo Eligibility
Condominiums and Planned Unit Developments (PUD’s) may be eligible upon successful review of the HOA documentation for both FHA insured HECM and proprietary reverse mortgage loans.
Home Purchase
Buyer’s of new homes can take advantage of these high dollar reverse mortgage purchase options and still have no mortgage payments. This allows buyers to purchase a higher value home without drawing more of their personal funds.
Jumbo Reverse Mortgage Expert:
Maggie O’Connell began originating Reverse Mortgages in 1993 and much of her career was in the San Francisco Bay Area. She is an expert in the Jumbo and HECM programs and understands Bay Area properties.
When it comes to the loan process, her customers are the focus and she is the point of contact and handles the transaction from start to finish.
Read some of her client’s reviews:
Very Excellent
When I first considered applying for a Reverse Mortgage, I was very apprehensive about the program and process. I had received information about Reverse Mortgages by mail from Maggie O’Connell and remembered seeing her on television. I contacted Maggie and made an appointment to complete an application. When we first met at my home, Maggie treated me with dignity, respect and courtesy and I was immediately hooked. Maggie made the entire process stressless from start to completion. I will tell anyone looking to apply for a Reverse Mortgage to contact Maggie. I am profoundly grateful to you Maggie for your patience, kindness and assistance. Hugh P. Union City, CA
My experience was very good
I would recommend Maggie to anybody because she is precise and gets the job done when she starts it, and gets it done quick. She is very good, very friendly and asks how I’m doing–kind of like my buddy at times. I have to do counseling so they send me the name of counselors and their telephone numbers–and if she needs any other info, she lets me know.
She keeps the ball rolling and doesn’t lag on anything, and I just think they did a good job. This is the third time she has refinanced my home, and my experiences with her were very good. Rita J. San Leandro, CA
Overall excellent. Best service we received
Maggie O’Connell did a wonderful job. This was my second time using her services and she did her best. She advised us about reverse mortgage. i called her and she helped me reapply for this reverse mortgage. She is very professional and did step-by-step work. We were very pleased by what she did. If you don’t understand, she helps. They are good people. Would refer them to anyone. Sueko B. Hayward, CA
Excellent service: clarity of procedure, comfortable at home signing, expert direction
It was a great experience and we feel we can call Maggie with any question we have. A Reverse Mortgage is the best thing for us now! Begona O. Walnut Creek, CA
Maggie O’Connell educated then helped us survive retirement.
My wife and I first saw Maggie in a brief spot on TV a few years before I retired. Then went to a seminar simply because we wanted to know what it was. She is an excellent speaker and explained everything in great detail. We learned, but had no immediate need. Just 3 years into my retirement my adequate 401K was growing slower. I was hit by a very rare disease at the same time, My medical costs went insane.Then the market crashed in the blink of an eye. I lost half of my 401K to the robber barons of the day. Suddenly I found us unable to pay our bills without large frequent withdrawals from my fund. Not enough in the fund to last more than a few years. So I called Maggie and she set us up with a reverse mortgage that solved our problem by using the equity in our house. All safe, due to the regulations and method created by law and FHA insured. A few years after that, an increase in the amount of money we could get became available due to a change in the law and growth in the value of our home. So we emailed Maggie. She presented us with several options we could choose, and answered every question immediately by email. We now are refinanced with enough money for emergencies. Although my medical bills are a bit less, we had to replace our furnace, our leaky roof, and refurbish our 43 year old bathrooms. Yet we remain with equity reserves that will last many years. Frederick S. Fremont, CA
Outstanding work!
Maggie and her team did an absolutely outstanding job as we had a problem with an incorrect, very low appraisal which was 25% below the next appraisal, and Maggie and her team got the lender to agree on an exceptional basis to take the latest two of three appraisals (and Maggie’s bank volunteered to pay for the third appraisal). In point of fact, that appraisal came in exactly like the second one–again 25% over the first one–so I ended up getting a far larger sum and it was all due to Maggie and her team. So great work guys. Thank you. Barbara G. San Francisco, CA
Professional, Personable and Resourceful
Maggie has an exceptional ability to relax her client(s) during a (sometimes) stressful part of transaction(s).
She is very understanding when participation from the client is necessary. She is supportive and resourceful.
Maggie is the epitome of customer care going beyond the call of duty!! Imer J H. Oakland, CA
Without Maggie’s help, I don’t think I could’ve handled it
I don’t think I could’ve handled everything as easily as I did without Maggie’s help. She was so helpful. I wouldn’t have been able to do it on my own without her assistance and I trusted her to help me throughout the entire process. Lita S. Hayward , CA
Maggie is a top professional in the HECM business.
Maggie O’Connell just closed my HECM. I wanted a Set-aside for the roof. In other words close escrow with the condition that the roof will be replaced in six months. Some lenders will not close escrow before the roof is done. Maggie solved this problem brilliantly.
She is a top professional in the HECM business. She always answered my questions promptly and was at all the times ready to explain details of the rules, patiently. Joe S. Saratoga, CA
Knowledgeable, Attentive, Resourceful, Ethical & Caring
The reverse is a trepidous mortgage. I am a person who reads and needs to understand every line of any contract I sign. Maggie O’Connell was an excellent find in the reverse mortgage market and an excellent match for my thoroughness. She explained every nook and cranny of this convoluted loan so that I could finally understand how it worked.
Maggie attempted to answer any and all questions, and when she did not know the answers she was resourceful and sent me to experts or written practices to respond to my infinite queries. She did this with seemingly unending patience and got the job done for me in relatively short time.
I recently contacted Maggie with questions about a possibly refinancing of my mortgage to take advantage of some of the recent changes. Maggie was just as courteous, thorough and prompt in this situation as she was over a year ago when she closed my first loan.. I chose not to pursue a refinance now, but, if I do later, I will certainly contact her again. I also contacted her about a serious error made by my loan servicer regarding my advance mortgage insurance payment. She could have chosen to just refer me back to the servicer to battle it out. But, instead, she had her analyst do a thorough analysis of my closing documents and verified my concerns to be valid. This is another example of how Maggie goes out of her way to help her clients, even for tangential issues no longer part of her job domain.
Homeowner beware. There are some unscrupulous and/or ill-informed brokers out there. I encountered several. After working with Maggie, I soon saw that her ethicality was the foundation of all the other positive qualities she brings to her profession. I can wholeheartedly recommend her to anyone seeking a reverse mortgage. She is a true professional . Catherine Q. San Francisco, CA
Very Satisfied with Maggie
I spent a lot of Maggie’s time as we waited to decide to go forward with our Reverse Mortgage. Maggie answered all our questions patiently. While reviewing other providers, we compared quotes from each. We found Maggie’s proposal to be competitive with the added feature of integrity. You can trust Maggie with no hassles. We closed our loan in May, 2015 and expect to be highly satisfied as we enjoy the loan benefits over the next several years. William G. San Jose, CA
It was extremely excellent.
Maggie O’Connell was fantastic! I didn’t know what I was getting into, but Maggie held my hand during the whole process. She was very professional, confident and understanding. Annie W. Menlo Park, CA
Excellent Service!
I went to Maggie O’Connell when I wanted to reverse my mortgage and my friend recommended me to her. She loved it and now I can see why–Maggie is very warm and friendly and didn’t try and hassle me into anything I didn’t want. She was there when I needed her and was very customer oriented, supportive of the process I wanted to take. I do think the prices I paid were hefty, but I have nothing to compare it to. Overall, I would definitely recommend them as Maggie is great! Arden F. San Rafael , CA
Please give us a call at 800-489-0986
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