Shop the best deals for Berkeley, California reverse mortgages.
Find the best deal on reverse mortgages in Alameda County, California.
Berkeley County Reverse Mortgage Lenders
For over 100 years Mutual of Omaha has been a trusted brand name. In that tradition of trust Mutual of Omaha Mortgage offers reverse mortgages to qualified homeowners in Alameda County, California, and in 48 of 50 states.
Each of our originators has a team of experienced professionals who are familiar with the specific needs of homeowners in Berkeley, Emeryville, Piedmont,and Kensington. We can walk you through the questions you’re certain to have and the process, should you decide to utilize your home’s value to create more cash flow in retirement.
How many of your neighbors have done a reverse mortgage? Here are some interesting facts about reverse mortgages and the housing market in Berkeley:
Berkeley, California Reverse Mortgage Facts
In 2020, the median home value in Berkeley was $1,525,411. Many homeowners in Alameda County may choose to apply for a private jumbo reverse mortgage for properties above $822,375. Private reverse mortgages provide significantly more proceeds for eligible homeowners with higher-valued properties. $822,375 is the current maximum lending limit for FHA-insured reverse mortgages. This means with a federally-insured reverse mortgage in greater Alameda County (and across the country) the first $822,375 of their home value is considered in the calculation of the potential maximum reverse mortgage loan benefit.
In general, reverse mortgages calculate the maximum available loan benefit (before fees, costs, and lien payoffs) for qualified borrowers based on the home’s appraised value, the age of the youngest borrower, or named non-borrowing spouse, and the current/starting effective interest rate.
Berkeley, California became known as the hotbed of social and political upheaval that characterized the turbulent 1960s and the hippie movement. However, the history of this city on the eastern San Francisco Bay can be traced back to 1776, the year the Declaration of Independence was published.
In that year, the first European settlers arrived with the De Anza Expedition. Led by Luis Peralta, these settlers established the famous Presidio of San Francisco. For his services to the King of Spain Peralta was granted a vast land holding along the eastern shores of the bay which later became Berkeley. He named his lands Rancho San Antonio and divided his holdings among his four sons.
The city’s name originated in 1866, when Frederick Billings, a member of the College of California, suggested the settlement be named after the Anglo-Irish philosopher George Berkeley. The men from the college sought to establish a city plan which included a street grid which we see in the city today. Berkeley’s population grew at a slow pace until the Great San Francisco Earthquake of 1906, which drove thousands of refugees across the Bay. Their expanding population was recognized in 1909, when the State of California issued a new charter making the Town of Berkeley officially the City of Berkeley. In 2020, the population of Berkeley was 120,763 residents.
Local Berkeley attractions include the University of California Berkeley, Tilden Regional Park, the UC Botanical Garden at Berkeley, Sather Tower, Grizzly Peak, and the Greek Theater.
Contact your Alameda County, California reverse mortgage lender today.
Russell Doi and his team at Mutual of Omaha Mortgage are ready to answer any questions or concerns you may have about a reverse mortgage. It's important to get the facts first, discuss your unique goals and needs, and see how much you may be able to qualify for with a reverse mortgage,
Call Russell today at (510) 305-9476 to learn more or complete the steps here to get your free quote.
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