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Petaluma, California 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 Sonoma 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 Petaluma, Waldo, Sonoma City, and Tamalpais Valley. 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 Sonoma County and other surrounding towns.
Petaluma Reverse Mortgage Facts
In 2020 the median home value in Petaluma was $818,915. Many homeowners in the community 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 Sonoma 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.
The city of Petaluma is located in the North Bay region of the San Francisco Bay Area and is part of Sonoma County. Before the arrival of European settlers, the coastal Miwok people established the village of Péta Lúuma along the banks of the present day Petaluma River. Later in 1834, under Mexican rule, a 66,000 acre land grant was made by Governor Jose Figueroa to Mariano Guadalupe Vallejo. The grant was named Rancho Petaluma.
It was the California Gold rush of 1848, which brought adventurous settlers who developed thousands of acres of crops that were critical to the growth of the region, with schooners such as the Alma ferrying goods and materials from the Petaluma River to San Francisco. Later poultry production grew to such an extent that the town was once known as the “Egg Capital of the World”. Petaluma is also part of aviation history with Fred Wiseman making the nation’s first airmail flight from Petaluma to Santa Rosa in 1911.
Today, Petaluma is a popular filming location for movies set in the 1940s, ‘50s, and ‘60s due to its numerous historic buildings downtown. Popular movies filmed in the area include Cujo, Basic Instinct, American Graffiti, and Pleasantville. As of 2020, Petaluma’s population was 57,908.
Local attractions include Lagunitas Brewing Company, Helen Putnam Regional Park, the Marin French Cheese Company, Petaluma Adobe State Historic Park, and the McNear Building.
Contact your Petaluma, California reverse mortgage lender today.
Homa Rassouli and her 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 Homa today at 415-223-9481 to learn more or complete the steps here to get your free quote.
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