Situated on a pristine stretch of California’s central coastline and between the Pacific Ocean and the Santa Ynez Mountains, the city of Santa Barbara enjoys a nearly perfect year-round climate. It also has the Golden State’s Spanish influence, laid-back vibe, and an upscale sensibility, making it the ideal place for people of all ages.

Over the years. Santa Barbara has received much recognition for quality living conditions. The city has ranked first in Best Places to Live for Quality of Life, fourth in Best Places to Live in California, and seventh in Safest Places to Live in the United States. It has been described as the “American Riviera,” a “playground for the rich and famous” and, quite simply, “paradise.”

Downtown Santa Barbara features Mediterranean-style stucco buildings with red tile roofs, reflecting the city’s Spanish colonial heritage. That motif, especially the red tile roofs, is visible throughout the city. The area welcomes hundreds of visitors during annual events such as the Summer Solstice Celebration, the Santa Barbara International Film Festival, and the Old Spanish Days Fiesta.

Santa Barbara is hosts many oceanic attractions. This includes kayaking through caves and snorkeling in pristine waters of the Channel Islands National Park; whale watching in Santa Barbara’s coastal waters; and enjoying the scenic views in Sea Center, where visitors are allowed to touch baby sharks, feel the tentacles of a sea anemone, hold hermit crabs, and observe alien-like jellyfish.

Unlike other cities, Santa Barbara has a quite small number of residents. According to World Population Review, the city currently has a population of 91,340, which is declining at an approximate rate of -0.01% annually.

Around 18% of the entire population or 16,446 people are seniors aged 62 and older. Many of these seniors occupy their own homes and are eligible for a loan with a Santa Barbara reverse mortgage lender.

The average home in Santa Barbara is valued at around $993,600. There are 36,699 total households in the area, with a little over 41% of these homes occupied by their respective owners.

Eligible reverse mortgage borrowers in the area may want to speak to a Santa Barbara reverse mortgage lender to learn about the many benefits that they can enjoy with the right reverse mortgage loan. Since most homes in the city are above the HECM lending limit of $765,600, many eligible borrowers may want to opt for a jumbo reverse mortgage so that they can tap into a bigger portion of their home equity. For homeowners who more modest homes, a standard HECM loan may be the best option. Lastly, for homeowners who are interested in downsizing for retirement, they may choose a HECM for Purchase instead.

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