Specialists in Reverse Mortgages in Oakland CA
We are specialists in Reverse Mortgages in Oakland, California. We focus exclusively on HECM Reverse Mortgage and Jumbo Reverse Mortgage loans, and we're here to help you understand how they work and answer your toughest reverser mortgage questions. If you want to connect with a Certified Reverse Mortgage Professional (CRMP), John Correll has over 25 years of experience in mortgages and is ready to assist you.
Find out what a reverse mortgage might offer you on your Oakland or California home
Give us a call at (888) 603-1550.
Retire with Confidence by Discovering The Power of a Reverse Mortgage in Oakland California
Oakland, California homeowners have seen their property values go up a lot in recent years. If you've owned your home in California for a long time, you probably have built up a good amount of home equity. Inflation drove up the cost of everything and today many older homeowners are thinking about using reverse mortgages to access some of the money tied up in their Oakland or California homes.
To learn about what a reverse mortgage is, we invited you to speak with a John Correll, CRMP who is real expert in reverse mortgage strategies. John has been in the mortgage industry for decades and has over 25 years of experience. Our company is 100% focused on reverse mortgages and has been successful in assisting people in Oakland and California.
Secure a Reverse Mortgage in Oakland with John Correll, CRMP
Call (888) 603-1550
Serving the Entire Great State of California
CRMP stands for "Certified Reverse Mortgage Professional" which is a highly esteemed designation from the National Reverse Mortgage Lenders Association (NRMLA)
Request Your Personalized Proposal Quote and Info Kit
Find Out if You Qualify for a Reverse Mortgage in Oakland or California
Various Types of Reverse Mortgage Loans in Oakland and California
Our company offers a wide variety of reverse mortgage products in California.
All of our reverse mortgages are available statewide in California.
Peek into Oakland, California and Embracing the Prospects of Reverse Mortgages
Oakland, California, is a lively city in the San Francisco Bay Area. According to US Census data, Oakland is a city of around 430,000. It has a mix of different cultures and is known for its beautiful views, art, and history. You can visit Jack London Square, try delicious food, and see great sights from the Oakland Hills. Oakland cares about the environment and being fair to everyone, making it a wonderful place to live or visit.
Five Exciting Places in or Around Oakland California:
- Redwood Regional Park: Get lost in the beauty of towering redwood trees on scenic hikes through this city oasis.
- Oakland Museum of California: Learn about the state's history, art, and culture all under one roof in this fascinating museum.
- Lake Merritt: Take a peaceful stroll or have a relaxing picnic by the tranquil "Jewel of Oakland," home to many beautiful birds.
- Jack London Square: Enjoy a visit to the waterfront, savor delicious meals at waterside restaurants, and explore unique shops in this historic location.
- Fairyland: Treat your kids to a magical adventure in this storybook-themed park, where their imaginations can run wild.
Oakland Real Estate Trends and Reverse Mortgages to Unlock Home Equity
In Oakland California the real estate market has been exceptionally strong this past decade. If you're an older homeowner looking to access some of your home's value without selling or moving, a reverse mortgage might be a good fit. Thanks to the strong real estate market, there's a record level of home equity for seniors today. These special loans are designed for older homeowners and, if you qualify, could let you use some of your home equity while still living in your house. Money from a reverse mortgage can be used for various needs, like covering bills or making retirement more enjoyable.
John Correll is a highly experienced loan officer at Accurate Reverse Mortgage and is here to help. If you want to learn more about how a reverse mortgage could work for you or explore your options, please call us at (888) 603-1550. John Correll and his team are ready to provide the information and guidance you need to make an informed decision.
Reverse Mortgage Company Serving Oakland, CA
Oakland Reverse Mortgages
If you own a home in Oakland, California, or elsewhere in the state and you're seeking a smart strategy to improve your retirement, it's worth noting that many older homeowners have benefited from reverse mortgages. Getting informed can be a powerful move..
How old do you have to be to get a reverse mortgage in Oakland?
To be eligible for an HECM reverse mortgage, you must reach the age of 62. However, for a jumbo or 'proprietary' reverse mortgage, you can apply at 55 or older.
Do you need to have your home completely paid off to access a reverse mortgage?
No, your house doesn't have to be completely paid off. If you have a regular mortgage and qualify, your current mortgage loan balance can be rolled into the reverse mortgage. But to be eligible, you must have significant equity in your home. To find out the specific loan amount you could receive, it's a good idea to ask for a reverse mortgage quote.
Does a reverse mortgage mean the bank owns my house in Oakland or California?
No, your name or your trust stays on the title, and you keep full ownership at closing. Similar to any mortgage, the lender places a lien on your home to ensure the loan they provide is secure.
How long does it take to get a reverse mortgage in Oakland?
Generally speaking it will take around 30-60 days from start to finish to get a reverse mortgage. Steps including education/proposal, counseling, application, appraisal, underwriting, closing and funding. We can guide you through the entire process and are patient and here to answer your most difficult questions and keep you fully informed.
Top Reasons Other People Have Taken Out a Jumbo Reverse Mortgage in Oakland, CA
Here are some common reasons people opt for a Jumbo Reverse Mortgage in Oakland and California, which is tailored for owners of higher-valued homes:
- To cover medical or in-home care costs.
- To create college funds for grandchildren.
- To enhance financial flexibility.
- To purchase a new home or investment property.
- To maintain their current lifestyle.
- To offer children an early inheritance.
- To consolidate other debts into the reverse mortgage to lower monthly bills. *
- To fund home improvements or repairs.
- To remove the need for monthly mortgage payments on a traditional mortgage. *
- To access funds without incurring capital gains taxes. **
* If you meet the requirements and your loan gets approved, a Reverse Mortgage is used to pay off your existing mortgage(s). The great thing about a Reverse Mortgage is that you don't have to make monthly mortgage payments. You are responsible for covering property taxes and homeowner's insurance, which can be significant. To keep the loan in good standing, you need to live in the home as your primary residence and maintain it. Otherwise, the loan becomes due and must be repaid. The loan also becomes due when the last borrower passes away, sells the home, permanently moves out, fails to pay taxes and insurance, or violates the loan terms.
** Please note that this isn't tax or financial planning advice. Capital gains taxes are only applicable when the home is sold. A Reverse Mortgage is a loan that uses your home as collateral and is not a sale. The loan proceeds are not considered taxable income; however, it's advisable to consult with your tax advisor and financial planner for personalized guidance.
Jumbo Reverse Mortgage Loan Limit in Oakland California is Currently $4 Million
Several reasons for considering a reverse mortgage in Oakland and California :
- Financial Flexibility: Borrower can choose how they want to receive funds, whether as a lump sum or through a line of credit or even in monthly amounts.
- Boost Retirement Income: A reverse mortgage can help supplement retirement income, making it easier to cover expenses and enjoy a comfortable lifestyle.
- Estate Planning: Work with estate or financial advisors to effectively manage estate or retirement goals, which might help preserve assets for your heirs. (*Note: this is not financial advice; consult your own financial advisor.)
- Home Upgrades: Use the reverse mortgage to fund home improvements, making property more comfortable and valuable.
- Debt Consolidation: Consolidate existing debts into a reverse mortgage to potentially reduce monthly financial burdens and improve cash flow.
- Healthcare Costs: Cover medical expenses, including long-term care, by tapping into home equity through a reverse mortgage.
Drawing from his 25 years in mortgage lending, John Correll is a seasoned professional when it comes to reverse mortgages.
John Correll, CRMP
Certified Reverse Mortgage Professional in California
(888) 603-1550
Reverse Mortgage Company Serving Oakland and California
Choosing the Right Reverse Mortgage Lender or Broker in California
This article reviews some of the key factors in selecting a reverse mortgage lender or broker in California. This guide simplifies the process, explaining what to consider when choosing a company to work with on a reverse mortgage from the loan officer, lender vs broker and what to look out for and avoid. Written from the prospective of a CRMP which stands for Certified Reverse Mortgage Professional.
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