Oakland is the county seat of Alameda County in California. It is an internationally recognized travel destination because of its fascinating maritime history, bay and cityscape views, stunning sites, outdoor activities, and exciting food and wine scene.

Oakland is a great playground for different outdoor activities. It features over 100,000 acres of parks and trails, a breezy and sunshine-blessed bay scene, and around 19 miles of coastline. Because of that, the city draws hikers, bikers, stand-up paddlers, and a myriad of other people from around the globe. Many food enthusiasts are also drawn to Oakland for its fine international cuisine.

Another great thing about the Oakland has that other cities do not is its sports franchises. The city is home to the Oakland Athletics (popularly referred to as the “A’s”) and Oakland Raiders, both being successful teams in professional baseball and football, respectively.

Not to be outdone by the local sports teams, Oakland also has a significant art scene and claims the highest concentration of artists per capita in the US. This is because there are tons of actors and musicians who come from the city, including Tupac Shakur, Tom Hanks, Clint Eastwood, Bruce Lee, Keyshia Cole, and Sly Stone. In 2013, Oakland was named as one of America’s top art communities “that have most successfully combined art, artists and venues for creativity and expression with independent businesses, retail shops and restaurants, and a walkable lifestyle to make vibrant neighborhoods.”

Oakland is the largest city in the East Bay, the third largest in the whole Bay Area, and the eighth largest in California, with a 2020 population of 435,224 which is currently growing at a rate of 0.71% annually. According to the World Population Review, out of the total population, there are around 337,731 adults, 54,497 of whom are senior citizens aged 62 or over and may be eligible for a loan with an Oakland reverse mortgage lender.

Furthermore, around 40% of the 161,483 households in Oakland are occupied by their own owners. These owner-occupied homes have an average value of $627,800, which is well-within the HECM lending limit that each Oakland reverse mortgage lender is required to observe.  

However, for homeowners who have a higher-value home that bypasses the said lending limit, they may consider a jumbo reverse mortgage instead of an HECM. This will allow them to covert a larger portion of their home equity into cash. Moreover, they will not need to pay off any of reverse mortgage proceeds until they die, sell their home, transfer to a different principal residence, or fail to pay their real property taxes or home insurance premiums.

On the other hand, for eligible borrowers who just want to downsize for their retirement years, they might want to consider the HECM for Purchase program to help them purchase and transfer to a smaller, cozier home instead.

Whatever reverse mortgage program you are most interested in, however, South River Mortgage can definitely help you get the best deal on your reverse mortgage so that you can live comfortably and securely throughout your retirement years.