Reverse mortgage loans are a popular financing option in Bakersfield, California, allowing senior homeowners to tap into their home’s equity.
The most popular type of reverse mortgage is the Federal Housing Authority (FHA)-insured Home Equity Conversion Mortgage (HECM) loan. Unless noted otherwise, we’re referring to HECMs when discussing reverse mortgages.
How Does a Reverse Mortgage Work?
Reverse mortgage loans allow homeowners 62+ to access a portion of their home equity without having to make monthly mortgage payments, so long as the borrower takes care of property charges, like insurance, taxes and upkeep.
Reverse mortgages are a great option for seniors in Bakersfield, California, who want to stay in their homes, but also want or need additional cash flow. The funds from a reverse mortgage can be used for any purpose, including home improvements, medical expenses or a more enjoyable retirement.
Reverse mortgages are available to homeowners age 62 and older who own their home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse mortgage loan.
Reverse Mortgage Loan Benefits
People get reverse mortgages for many reasons, including:
Reverse Mortgage Eligibility in Bakersfield, CA
About Bakersfield, California
Bakersfield is a city in southern California known for its rich agricultural history and oil production. It’s the ninth-largest city in California, with over 380,000 people. The San Joaquin Valley and the Sierra Nevada Mountains surround the city, providing a beautiful backdrop for its residents and visitors.
Bakersfield has a diverse economy with healthcare, education, and aerospace industries, making it an attractive destination for job seekers. The city also offers a variety of recreational activities, including hiking, biking and water sports, as well as cultural attractions such as museums and theaters. Bakersfield is a vibrant and growing city with something for everyone, including retirees.
Fun Facts about Bakersfield
- Bakersfield is known as the “Country Music Capital of the West Coast” and has produced many famous country music stars, including Merle Haggard and Buck Owens
- It’s located in Kern County, the largest oil-producing county in the United States
Bakersfield is home to the world’s largest collection of Basque restaurants outside of Spain
The city has a rich agricultural history and is known for producing almonds, citrus fruits and grapes
- Bakersfield is the birthplace of the “Bakersfield Sound,” a subgenre of country music that emerged in the 1950s and 1960s
- The city has a robust Hispanic community and celebrates its culture with events such as the annual Cinco de Mayo festival
- Bakersfield is located near several national parks, including Sequoia National Park, Yosemite National Park and Death Valley National Park
- The city is home to the Bakersfield Condors, a minor league hockey team that plays in the American Hockey League
- Bakersfield has a unique climate, with hot summers and mild winters, making it an ideal location for outdoor activities year-round
- The city has a rich history dating back to the mid-19th century and was founded as a small mining town
Interested in a Reverse Mortgage in Bakersfield?
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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.