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Foster City sits in San Mateo County, where the median household income of $156,000 supports homes well above the state average. The 220 Park office tower in nearby Burlingame reaching 100% occupancy signals strong regional job growth.
Reverse mortgages let homeowners 62+ tap equity without selling or making monthly payments. The loan balance grows over time as interest accrues. When you move, sell, or pass away, the home sale typically covers what's owed.
62 years old
Minimum Age
620–640+
Credit Score Floor
$156,000
County Median Income
30–45 days
Typical Closing
$1,249,125
2026 Conforming Limit
Reverse Mortgages in Foster City
Reverse mortgages require you to be at least 62 years old and own your home outright or carry a small mortgage balance. The lender will pay off any remaining debt from the loan proceeds.
Your home's value determines how much you can borrow. In Foster City's market, a $1,000,000 home might yield $400,000 to $600,000 in available funds, depending on your age and current rates.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Foster City.
Foster City sits in San Mateo County, where the median household income of $156,000 supports homes well above the state average. The 220 Park office tower in nearby Burlingame reaching 100% occupancy signals strong regional job growth.
Reverse mortgages let homeowners 62+ tap equity without selling or making monthly payments. The loan balance grows over time as interest accrues. When you move, sell, or pass away, the home sale typically covers what's owed.
Reverse mortgages require you to be at least 62 years old and own your home outright or carry a small mortgage balance. The lender will pay off any remaining debt from the loan proceeds.
Reverse mortgages in California are offered by both retail banks and mortgage brokers. The market is smaller and more specialized than conventional lending. Most lenders require a HUD-approved reverse mortgage counseling session before approval.
Closing timelines typically run 30–45 days. Appraisals and title work move at standard pace. The main delay is often the mandatory counseling wait period. Rates and fees vary by lender, so shopping multiple quotes makes a real difference in the total cost.
Reverse mortgages make sense for Foster City homeowners 62+ who've built real equity and want to stay in their homes. The county's $156,000 median household income means many retirees are house-rich but cash-poor.
They don't work if you plan to move in the next 5–7 years. Closing costs and accruing interest eat into the benefit on short timelines. They also don't work if you need to leave the home to a heirs with minimal debt.
A traditional home equity line of credit (HELOC) lets you borrow against equity too, but requires monthly payments and a good credit score. A reverse mortgage skips the monthly payment entirely.
HELOCs are faster to close and cheaper upfront. Reverse mortgages cost more in fees but give you payment flexibility. For retirees on fixed income, the no-payment structure of a reverse mortgage often wins.
Reposado fine-dining Mexican restaurant opened in downtown San Mateo in February 2026, signaling continued investment in the region's dining scene.
San Mateo County is exploring a regional transit tax measure to fund Caltrain and BART improvements. Better public transit makes it easier to stay in Foster City long-term without relying on driving.
No. A reverse mortgage requires no monthly payments. Interest accrues on the loan balance over time. You only repay when you move, sell, or pass away — typically from the home sale proceeds.
You must be at least 62 years old. The older you are, the more you can typically borrow. Age is the primary qualification factor, along with home equity and current interest rates.
The amount depends on your age, home value, and current rates. A $1,000,000 home might yield $400,000–$600,000 in available funds. The lender will order an appraisal to determine the exact amount.
Your heirs inherit the home but owe the loan balance. If the home sells for more than the loan, they keep the difference. If it sells for less, the lender absorbs the loss — your heirs owe nothing.
Yes. The reverse mortgage will pay off your existing mortgage from the loan proceeds. You must have enough equity after payoff to make the reverse mortgage worthwhile.