We’ve partnered with Alliance Reverse Mortgage to make reverse mortgages available to our members. Imagine living in your home mortgage-free, or enjoying tax-free* proceeds for life thanks to the years you’ve invested in the property.
A reverse mortgage is a specialized loan designed for individuals age 62 or older. With a reverse mortgage, you’ll enjoy:
- Part of the equity in your home while maintaining the title and ownership.
- Loan guaranteed by the U.S government and the Federal Housing Administration
- Never owe more than your home is worth
- No repayment is due until the last borrower dies or permanently leaves the home
If you think a reverse mortgage could be right for you, it’s necessary to get all the facts first. All reverse mortgage seekers are required to obtain U.S. Department of Housing and Urban Development (HUD) counseling from an independent third party before incurring any costs associated with the loan.
Although reverse mortgage proceeds are tax-free, borrowers should obtain tax advice to learn how proceeds can affect participation in government needs-based programs, such as Medicaid and Medi-Cal. Read our Reverse Mortgage FAQ for answers to common reverse mortgage questions. For more information about reverse mortgage products, you may contact HUD at 800.383.0510.
* Borrowers should seek professional tax advice regarding reverse mortgage proceeds. San Francisco FCU offers reverse mortgages through a strategic partnership with Alliance Reverse Mortgage, formerly CA Reverse Mortgage Consultants, Member of the National Reverse Mortgage Lenders Association. CA Bureau of Real Estate Broker 01524732 / NMLS 248216.