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Sausalito, California Reverse Mortgage Lenders
For over 100 years Mutual of Omaha has been a trusted brand name. In that tradition of trust Mutual of Omaha Mortgage offers reverse mortgages to qualified homeowners in Marin County, California, and in 48 of 50 states.
Each of our originators has a team of experienced professionals who are familiar with the specific needs of homeowners in Sausalito, Waldo, Marin City, and Tamalpais Valley. We can walk you through the questions you’re certain to have and the process, should you decide to utilize your home’s value to create more cash flow in retirement.
How many of your neighbors have done a reverse mortgage? Here are some interesting facts about reverse mortgages and the housing market in Marin County and other surrounding towns.
Sausalito Reverse Mortgage Facts
In 2020, the median home value in Sausalito was $1,560,999, or (1.6 million). Many homeowners in the community may choose to apply for a private jumbo reverse mortgage for properties above $822,375. Private reverse mortgages provide significantly more proceeds for eligible homeowners with higher-valued properties. $822,375 is the current maximum lending limit for FHA-insured reverse mortgages. This means with a federally-insured reverse mortgage in greater Marin County (and across the country) the first $822,375 of their home value is considered in the calculation of the potential maximum reverse mortgage loan benefit.
In general, reverse mortgages calculate the maximum available loan benefit (before fees, costs, and lien payoffs) for qualified borrowers based on the home’s appraised value, the age of the youngest borrower, or named non-borrowing spouse, and the current/starting effective interest rate.
Sausalito is a well-known exclusive enclave just north of San Francisco across the famous Golden Gate Bridge. As of 2020 there were 7,002 residents in the town. In World War II the town was a shipbuilding center. Years later it transformed into a picturesque artistic enclave and residential community near the Golden Gate National Recreation Area.
The city’s name, like many, is derived from its early Spanish name. Sauzalito means ‘small willow grove’. The area was first settled by the coastal Miwok people and a smaller band of what were known as the Huimen. The first European to visit the area was the Spaniard Don José de Cañizares. The area was not rapidly developed until 1822, shortly after Mexico won independence from Spain. William A. Richardson, an English seaman, arrived the same year, became a citizen of Mexico, and married the daughter of a wealthy landowner. Later he applied and was granted permission to establish Rancho Saucelito. The spelling of the city’s name was changed in 1870 to Sausalito with the establishment of its first post office.
Due to its remote access and proximity to San Francisco, Sausalito became a popular hub for bootleggers during the Prohibition Era. After World War II the city’s waterfront became a popular location for houseboat residents replacing abandoned shipyards. Three established houseboat communities remain which are Galilee Harbor, Waldo Point Harbor, and the Gates Cooperative.
Local attractions include the Golden Gate Bridge, Richardson Bay, Slacker Hill, the US Army Corps of Engineers Bay Model Visitor Center, Swede’s Beach, and the Baker-Barry Tunnel.
Contact your Sausalito, California reverse mortgage lender today.
Homa Rassouli and her team at Mutual of Omaha Mortgage are ready to answer any questions or concerns you may have about a reverse mortgage. It's important to get the facts first, discuss your unique goals and needs, and see how much you may be able to qualify for with a reverse mortgage.
Call Homa today at 415-223-9481 to learn more or complete the steps here to get your free quote.
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