Berkeley California Reverse Mortgage

Your Berkeley Reverse Mortgage Guide

Welcome to Berkeley

If you are a Berkeley homeowner aged 62 or older, you may be eligible for a reverse mortgage loan. This type of loan allows you to access your home’s equity without making monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial support and security for seniors in Berkeley, allowing them to age in place and enjoy the comfort and familiarity of their own homes. Don’t let your hard-earned equity go to waste – consider a reverse mortgage loan and see how it can benefit you and your family in retirement.

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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Berkeley 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

Berkeley California Frequently Asked Questions

How does a Reverse Mortgage work in Berkeley California?

A reverse mortgage in Berkeley, 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 Berkeley, 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 Berkeley?

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 Berkeley?

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 Berkeley California

Welcome to Berkeley, California! This vibrant city is located in the San Francisco Bay Area and is home to over 120,000 people. It’s a place with a rich history and culture that dates back to the mid-1800s when it was founded by settlers from the East Coast.

Berkeley is a great place to explore and experience the best of the Bay Area. There’s plenty to do here, from visiting the local parks and community centers to taking a stroll down Telegraph Avenue and checking out the unique shops. There are also plenty of cultural events to enjoy, like the Berkeley Jazz Festival and the Berkeley Art Museum & Pacific Film Archive.

If you’re looking for a great place to learn, Berkeley is home to the University of California, Berkeley, one of the top public universities in the nation. The city also has a number of excellent public schools, including Berkeley High School, which is known for its strong academic programs and diverse student body.

No matter what you’re looking for, Berkeley has something for everyone. It’s a city that’s full of life and energy, and it’s a great place to explore and experience all the Bay Area has to offer. So come on over and see what Berkeley has in store!

Things To Do In Berkeley

Berkeley, CA Neighborhoods

Berkeley Marina, Downtown Berkeley, North Berkeley, South Berkeley, Normandy Village, West Berkeley, Westbrae, Southside, Northwest Berkeley, Southwest Berkeley, Northside, Central Berkeley, La Loma Park, Cragmont, Poets Corner, Aquatic Park, Thousand Oaks,

BERKELEY, 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 Berkeley, CA


Berkeley Art Museum and Pacific Film Archive

Lawrence Hall of Science

The Greek Theatre

Phoebe A. Hearst Museum of Anthropology

Berkeley Rose Garden

Berkeley Natural History Museums

César E. Chávez Park

Adventure Playground

Indian Rock Park

University of California Botanical Garden

Tilden Regional Park

Donkey & Goat Winery, Tasting Room & Wine Shop

Codornices Park

Museum of Vertebrate Zoology

The Campanile

Essig Museum of Entomology Research

Freight & Salvage

The Magnes Collection of Jewish Art and Life

Shattuck Avenue

Sather Gate

Live Oak Park

People's Park

Ohlone Dog Park

Telegraph Avenue

Shorebird Park Nature Center

Grizzly Peak

Recreational Sports Facility

Lake Anza

Ohlone Park

San Pablo Park

Gourmet Ghetto

McLaughlin Eastshore State Seashore

Takara Sake USA Inc.

Koret Visitor Center

Regional Parks Botanic Garden

Redwood Valley Railway (Tilden Steam Train)

Strawberry Creek Park

Berkeley Architectural Heritage Association

Willard Park

Wat Mongkolratanaram

Sproul Plaza

Point Isabel Regional Shoreline

Berkeley Historical Society

Albany Bulb

Sibley Volcanic Regional Preserve

Mortar Rock Park

John Hinkel Park

Cedar Rose Park

Tilden Park Golf Course

Angel Island

Rosie the Riveter National Historical Park

Claremont Canyon Regional Preserve

Lake Temescal

Tilden Park Merry Go Round

Chabot Space & Science Center

Tilden Nature Area

Rockridge-Temescal Greenbelt

Temescal Regional Recreation Area

Reinhardt Redwood Regional Park

Ohlone Greenway

Garber Park

Joaquin Miller Park

Brehm Vineyards

Albany Beach

San Pablo Reservoir

Blake Garden UC Berkeley

Albany Hill

Point Emery

Huckleberry Botanic Regional Preserve

Wildcat Canyon Regional Park

Jewel Lake

Inspiration Point

Emeryville Shellmound Memorial

Dracena Quarry Park

San Francisco – Oakland Bay Bridge

Angel Island State Park

Immigration Station

Red Oak Victory

Piedmont Park

Brooks Island

San Pablo Lytton Casino

Riggers Loft Wine Company-R&B Cellars

Miller/Knox Regional Shoreline

Wildcat Creek

Bay Bridge Trail

Roberts Regional Recreation Area

Kennedy Grove Regional Recreation Area

Skyline Gate Staging Area

Treasure Island Wines

Briones Reservoir

Shimada Friendship Park

Richmond Art Center

Alvarado Park

Golden State Model Railroad Museum

Tiburon Railroad & Ferry Depot Museum

Mount Caroline Livermore

Keller Beach

Angel Island Immigration Museum

Old St. Hilary's Preserve

Street Names in Berkeley, CA

Acacia Steps Acacia Walk Acroft Ct Acton Cir Acton Crescent Acton St
Ada St Addison St Ajax Pl Alamo Ave Allston Way Altavista Path
Alvarado Rd Amador Ave Amito Ave Amito Dr Anne Brower Path Anthony St
Arcade Ave Arcade Ln Arch St Arden Path Arlington Ave Ashby Ave
Ashby Pl Atlas Pl Avalon Ave Avalon Walk Avenida Dr Avis Rd

Berkeley, CA Zip Codes

94701, 94702, 94703, 94704, 94705, 94706, 94707, 94708, 94709, 94710, 94712, 94720,

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 Berkeley

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 Berkeley. 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 – Berkeley

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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.