Bakersfield California Reverse Mortgage

Your Bakersfield Reverse Mortgage Guide

Welcome to Bakersfield

Are you a homeowner in Bakersfield looking for financial support in retirement? A reverse mortgage loan may be the solution you’ve been seeking. This type of loan allows homeowners aged 62 and older to access their home equity without the obligation to make monthly payments. Instead, the loan is repaid when the borrower sells the home or passes away. Reverse mortgage loans can provide a stable financial foundation and allow seniors to age in place with the comfort and security of their own home.

Reverse Mortgage

Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.

Learn More about a Reverse Mortgage

Reverse Mortgage for Purchase

Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.

Learn More about a Reverse Mortgage for Purchase

HECM to HECM Refinance

A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.

Learn More about a HECM to HECM Refinance

Cash Out Reverse Mortgage

A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.

Learn More about a Cash Out Reverse Mortgage

Jumbo Reverse Mortgage

A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.

Learn More about a Jumbo Reverse Mortgage

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Bakersfield Approved Reverse Mortgage Counseling Agencies

HUD Approved HECM Counseling Agencies

The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:

National Counseling Agencies

ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/

Money Management International
(877) 908-2227
https://www.moneymanagement.org/

Credit.org
(800) 947-3752
https://www.homeownership.org/

National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/

Greenpath
(888) 860-4167
https://www.greenpath.com/

Navicore
(866) 855-7736
https://navicoresolutions.org/

Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/

NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/

Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/

California Counseling Agencies

Bakersfield California Frequently Asked Questions

How does a Reverse Mortgage work in Bakersfield California?

A reverse mortgage in Bakersfield, California, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.

To obtain a reverse mortgage in Bakersfield, California, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.

Do I make mortgage payments on my Reverse Mortgage in Bakersfield?

No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.

What qualifies for a reverse mortgage in Bakersfield?

A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:

  • The youngest borrower on the loan must be 62 years old or older
  • Having an existing mortgage loan balance is OK as long as there is sufficient equity in the home
  • It must be your primary residence, not rental homes or vacation homes
  • Reverse mortgage loans are available as refinance or purchase loans.

How do I receive my money when I get a reverse mortgage?

With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.

About Bakersfield California

Welcome to Bakersfield, California! This vibrant city is the perfect place for a weekend getaway or a longer vacation. With a population of over 380,000, Bakersfield is the 9th largest city in California and is a great place to explore.

Bakersfield was founded in 1869 and has a rich history. It was originally a stop on the Southern Pacific Railroad and has since grown into a bustling city. The city is full of fun activities, like the Kern County Museum and the Bakersfield Speedway. There are also plenty of parks and community centers to explore, such as Hart Park and the Bakersfield Senior Center.

For those looking for a more educational experience, Bakersfield is home to several schools, including Bakersfield High School, Garces Memorial High School, and Liberty High School. Whether you’re looking for a fun weekend or a longer stay, Bakersfield has something for everyone. So come on down and experience the city for yourself!

Things To Do In Bakersfield

Bakersfield, CA Neighborhoods

Downtown, City in the Hills, Tevis Ranch, Laurel Glen, Oleander/Sunset, Seven Oaks at Grand Island, Villages of Brimhall/Brimhall Classics, Park Stockdale, Homaker Park, Cattle King Estates, Southern Oaks, Riviera/Westchester, Highgate, Quailwood, Nottingham Estates, Riverlakes, Liberty, San Trope, Stonegate, Rio Bravo, River Oaks, Pheasant Run, Madison Grove, Windsong, Crystal Ranch, The Seasons, Fairway Oaks, Silver Creek, Hampton Woods, Spice Tract, Artisan, Lakeview, Haggin Oaks, Hidden Oak, Stone Meadows, Brighton, Avalon, The Oaks, Sagepointe, Amberton, Mountain Meadows, Seven Oaks, Morning Star, Mondavi, Campus Park, West Park Community, Terra Vista, Fox Run, Stone Creek, Tuscany, Civic Center,

BAKERSFIELD, CA WEATHER !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src='https://weatherwidget.io/js/widget.min.js';fjs.parentNode.insertBefore(js,fjs);}}(document,'script','weatherwidget-io-js');

Top Sights in Bakersfield, CA


California Living Museum

The Park at River Walk

Kern County Museum

Hart Memorial Park

Panorama Park

Bakersfield Museum of Art

Mill Creek Drive

Cedar Street

Snowdrop Drive

Lincoln Street

Buena Vista Museum of Natural History & Science

Paloma Street

Puzzle Effect - Bakersfield

Silver Creek Park

Torrey Drive

Jastro Park

Central Park at Mill Creek

Emerald Cove Park

Beach Park

Yokuts Park

McMurtrey Aquatic Center

Sam Lynn Ballpark

Riverlakes Ranch Park

Links at Riverlakes Ranch Golf Course

Kern River County park

Haggin Oaks Park

Stramler Park

The Bakersfield Sign

Lori Brock Discovery Center

Stephenie Street

Kern County Raceway Park

Kern River Parkway Bike Trail

Tlo Wines Tasting Room

Beale Park

Kern River Parkway

Lake Truxtun

Golden West Casino

Panorama Vista Preserve

Lake Ming

Planz Park

Sharktooth Hill

Ernst Quarries

Hart Park

Lake Ming

Hart Park Lake

Weedpatch Camp

Kern River Rest Area

Top Experiences in Bakersfield, CA


California Living Museum

The Park at River Walk

Kern County Museum

Hart Memorial Park

Bakersfield Museum of Art

Cedar Street

Mill Creek Drive

Snowdrop Drive

Lincoln Street

Kern County fishing

Whitewater rafting tours

Car racing

Travel Articles in Bakersfield, CA


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15 Best Things To Do In Bakersfield (CA) - The Crazy Tourist

The Best Restaurants In Bakersfield, California

7 of The Best & Most Popular Campgrounds Near Bakersfield, California

Street Names in Bakersfield, CA

20th Pl 21st St 22nd St 23rd St 23rd St Frontage Rd 24th St
26th St 3 Bars St 3 Bridges Way 33rd St 34th St 36th St
4 Bears Dr 4 Seasons Ct 43rd St 44th St 5 Burroughs Dr 6 Rivers St
7 Falls Ave 7 Hills Dr 7 Seas Ave 7 Sisters Rd 9 Iron Dr 9th St
Abbey Hill St Abbey Rd Abbotsford Ln Abby Rose Ave Abercromby Dr Aberdeen Ct

Bakersfield, CA Zip Codes

93301, 93304, 93305, 93306, 93307, 93308, 93309, 93311, 93312, 93313, 93314, 93383, 93384, 93385, 93387, 93389, 93390,

Reverse Mortgage Regulations

HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”

Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”

NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.

NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions.  They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.

Reverse Mortgage Lenders near Bakersfield

Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.

We are proud to serve the residents of Bakersfield. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.

Reverse Mortgage Resource Center
Phone: 385-503-2224

Reverse Mortgage Resource Center – Bakersfield

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REVERSE MORTGAGE RESOURCE CENTER ~lIVE lIFE ON yOUR tERMS~


Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.