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Taft is a working-class oil town in Kern County. Many long-time homeowners here have paid down significant equity over decades.
That equity is a real asset. A reverse mortgage lets homeowners 62 and older tap it — no monthly payments required.
62 years old
Minimum Age
None required
Monthly Payments
HECM (FHA-backed)
Loan Type
Required before closing
HUD Counseling
Reverse Mortgages in Taft
You must be 62 or older and live in the home as your primary residence. The home must be paid off or have a small remaining balance.
Lenders also check that you can cover property taxes, insurance, and basic maintenance. Failing those obligations can trigger repayment.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Taft.
Taft is a working-class oil town in Kern County. Many long-time homeowners here have paid down significant equity over decades.
That equity is a real asset. A reverse mortgage lets homeowners 62 and older tap it — no monthly payments required.
You must be 62 or older and live in the home as your primary residence. The home must be paid off or have a small remaining balance.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by the FHA. That means lender guidelines are federally standardized.
We work with wholesale lenders who specialize in HECM products. Shopping multiple lenders still matters — fees and servicing quality vary.
The biggest mistake I see is waiting too long. The older you are and the more equity you have, the more you can access.
HUD requires independent counseling before closing a HECM. That's actually good — it protects borrowers and helps them understand the terms.
A HELOC gives you a credit line too, but requires monthly payments. If cash flow is the problem, that doesn't solve it.
A reverse mortgage removes the payment obligation entirely. For retirees on fixed income, that difference is significant.
Taft home values are lower than coastal California. That limits the total draw amount, but many homeowners still carry meaningful equity.
Oil industry ties mean retirement income can be unpredictable here. A reverse mortgage can fill gaps when commodity-linked pensions fluctuate.
Yes. You keep title to your home. The lender places a lien, but you remain the owner as long as you meet loan obligations.
Repayment is due when you sell, move out permanently, or pass away. Failing to pay taxes or insurance can also trigger it.
Only FHA-approved manufactured homes qualify for HECMs. Standard mobile homes typically do not meet HECM property requirements.
Your age, home value, and current interest rates determine the amount. Rates vary by borrower profile and market conditions.
Heirs can repay the loan and keep the home, or sell it and keep any remaining equity after the balance is settled.