Nipomo California Reverse Mortgage

Your Nipomo Reverse Mortgage Guide

Welcome to Nipomo

As a homeowner in Nipomo, you have worked hard to build equity in your home. Now, that equity can work for you in your retirement years with a reverse mortgage home loan. This type of loan allows you to tap into the equity you have built up in your home without the obligation to make monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial stability and peace of mind, allowing you to enjoy your retirement and age in place in the comfort of your 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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Nipomo 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

Nipomo California Frequently Asked Questions

How does a Reverse Mortgage work in Nipomo California?

A reverse mortgage in Nipomo, 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 Nipomo, 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 Nipomo?

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 Nipomo?

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 Nipomo California

Welcome to Nipomo, a small but vibrant city located in the heart of California's Central Coast. With a population of just over 15,000, Nipomo is the perfect place to get away from the hustle and bustle of the big city and enjoy some peace and quiet.

Nipomo was founded in 1883 by the Chumash Indians, who named the area after a Chumash word meaning “foot of the hill.” The city has a rich history, and is home to several historical sites, including the Nipomo Adobe, the oldest standing adobe in San Luis Obispo County.

If you're looking for something to do in Nipomo, you won't be disappointed. The city has several parks and community centers, including the Nipomo Community Park, which features a playground, picnic areas, and a basketball court. There are also several local schools, including Nipomo Elementary School and Nipomo High School.

For those looking for a more adventurous experience, Nipomo also offers plenty of outdoor activities, such as hiking, biking, and horseback riding. And don't forget to check out the local farmers market, which is held every Saturday morning.

So come on down to Nipomo and experience all the city has to offer!

Things To Do In Nipomo

Top Sights in Nipomo, CA


West Branch Street

South Oakglen Avenue

Otono Place

Eucalyptus Road

Palmer Street

West Dana Street

East Price Street

Los Gallos Court

Theodora Street

High Meadow Drive

Primavera Lane

Camino Mariposa

Scarlett Circle

Rosana Place

Widow Lane

Jordan Reader, DO

Mesa Road

East Dana Street

Alyssum Circle

Trevino Drive

Lema Drive

South Burton Street

East Branch Street

Sandydale Drive

Avenida De Amigos

East Tefft Street

Suttermill Lane

Aidin Court

Trail View Place

Elizabeth Evans, NP

Gracie Lane

Anna Kim, MD

Spring Azure Way

Joseph Court

Dr. Danielle Giacona, D.O.

Honey Grove Lane

Grace Lane

West Tefft Street

Olivos Lane

Nipomo Regional Park

Pomeroy Road

North Dana Foothill Road

Highland Hills Road

DANA Adobe & Cultural Center

Louise Lane

Nipomo Native Garden

Spring Canyon Lane

Sheehy Road

Scott Davis, MD

Mary Cryer, FNP

Monarch Dunes Golf Club

Blue Fox Road

Blacklake Golf Resort

Dr. Emilia Ambrosio, MD

Tahmisian James PHD

Steve Clark, DPM

Center for Pain Management, Nathan Singer, MD

Oso Flaco Lake

Barry Robert S MD

Oso Flaco Lake Road

Santa Maria Family Medicine: Francisco R. Mendoza, MD

Richard Day, MD

Kazak Michael K MD

DermaSpaMED

Street Names in Nipomo, CA

10 Oaks Way Adina Way Alegre Ave Alina Ln Allison Ct Alyssum Cir
Amado St Amaranth Ln Amber Way Amelia Ct Amelia Way Amigo Pl
Angelina Ct Angle Dr Anise Ln Anna Cir Apricot St Archer Way
Arden Way Ashland Ln Aspen Ct Avenida De Amigos Avenida De Socios Avenida Montecito Verde
Ballard St Banneker Pl Banyan Pl Bar K Ln Barberry Ave Barberry Way

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 Nipomo

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 Nipomo. 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 – Nipomo

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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.