Your Hometown Reverse Mortgage Consultant based in Bakersfield, CA
Your Hometown Reverse Mortgage Consultant based in Bakersfield,
CA
Licensed in California, Arizona and Washington
Karen Faulkner
Your Hometown Reverse Mortgage Consultant based in Bakersfield, CA
Your Hometown Reverse Mortgage Consultant based in Bakersfield,
CA
Licensed in California, Arizona and Washington
I’m proud to work with a company focused on one thing: educating seniors about reverse mortgages to help them unlock the power of their homes and live a more comfortable retirement. I’m a reverse mortgage professional and honored to serve the people of Bakersfield, CA.
Your Starting Point to Reverse Mortgages
COMMON MISCONCEPTIONS
MYTH: Taxes have to be paid on money received from a reverse mortgage.
Nope! Proceeds from a reverse mortgage are not considered income, and are therefore not taxable. The money from a reverse mortgage comes from your home’s equity, which already belongs to you, so it’s not considered income. Plus, the interest on a reverse mortgage can be tax-deductible when it’s repaid.
MYTH: Your heirs can’t inherit the home with a reverse mortgage.
Nope! You will still be able to pass the home on to your kids. Just like any other mortgage, they can inherit the house. When the loan becomes due, they can decide how to repay the loan balance.
MYTH: Reverse mortgages should only be used as a last resort.
That’s incorrect! A reverse mortgage is a powerful financial tool that can be an important part of your overall financial plan. From paying off an existing mortgage to delaying Social Security benefits, or even establishing an emergency line of credit, it’s a flexible product that gives you options.
MYTH: A reverse mortgage interferes with Social Security and Medicare benefits.
False! Government entitled programs such as Social Security and Medicare are not affected by a reverse mortgage – however, need-based programs such as Medicaid may be. Consult a qualified financial advisor to learn more.
MYTH: Reverse mortgages are expensive.
Here’s the truth – reverse mortgage loan origination costs and interest rates are comparable to those of traditional mortgages. They do not require large out-of-pocket expenses. There are FHA insurance costs that some traditional mortgages don’t require, but the insurance benefits are well worth the relatively small cost.
MYTH: With a reverse mortgage, the bank takes your home.
That’s false! With a reverse mortgage, the homeowner keeps the title to the home in their name. The lender simply adds a lien onto the title to guarantee that the money will eventually be paid back when the loan becomes due.
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How it Works
For many Americans, their home is their biggest asset, and the one they have invested the most in throughout their lives. And a Home Equity Conversion Mortgage (HECM), or "reverse mortgage," can allow senior homeowners to tap into some of this hard-earned home equity – for another source of cash to help fund retirement, counteract the effects of inflation, and live more comfortably.
Let’s Get Social
🕒 Retirement has evolved. Have your strategies? With Americans living longer, retirement now often spans 20 or more years. How can you help clients sustain their financial wellbeing across two decades and beyond? Join our CE webinar to explore how innovative strategies can ensure long-term financial success for your clients. Learn from respected researchers and industry leaders like David Blanchett, Kurt Czarnowski, and Chris Mayer as they dive into mortality estimates, the future of Social Security, and strategic home equity solutions. 🔗 Register now to modernize your approach: https://attendee.gotowebinar.com/register/392729501867631190?source=LoanOfficer #Longbridge #LongbridgeFinancial #webinar #FinancialProfessional #CEcredit #financialplanning #retirement #retirementstrategies #retirementplanning
Celebrate National Savings Day: Savvy Tips for Reinforcing Your Nest Egg
October 12 is #NationalSavingsDay! This serves as a reminder of how important it is to prioritize your future by reviewing your spending habits, getting your retirement funds in line, and planning for your goals. Check out our latest #blog for savvy savings tips to consider. https://ecs.page.link/UzWVS
🔎 FINANCIAL PROS: Can today’s retirees rely on old strategies for tomorrow’s challenges? Between rising healthcare costs, Social Security uncertainties, and increased longevity, retirement planning has never been more complex. Register for our next CE webinar to hear insights from three respected researchers and industry leaders who are navigating this landscape and creating new solutions for financial professionals like you. Secure your spot here: https://attendee.gotowebinar.com/register/392729501867631190?source=LoanOfficer #Longbridge #LongbridgeFinancial #webinar #FinancialProfessional #CEcredit #financialplanning #retirement #retirementstrategies #retirementplanning
October is Long-Term Care Planning Month: Do You Have a Plan in Place?
October is Long-Term Care Planning Month! Long-term care can be an essential part of maintaining a high quality of life as you age – and having the right finances in place is essential. Read our blog to learn more! #LongTermCarePlanningMonth #LongTermCare #blog #Longbridge
🏡 FAQ: “Does the bank own your home with a reverse mortgage?” No, that is a common myth! When you take out a reverse mortgage, you retain sole ownership of your home. The lender simply places a lien on the title to ensure repayment, as with any mortgage. And you keep the title in your name so long as you meet the loan terms, like maintaining the property and paying your property taxes and insurance. The lender’s lien guarantees they’ll be repaid when the loan is due, but you can rest assured that lenders are not in the business of owning homes. Learn more about how reverse mortgages work and your ownership rights in our blog! https://longbridge-financial.com/blog/reverse-mortgages/reverse-mortgages-who-owns-the-home/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeOwnership #ReverseMortgage #HomeEquity
🕒 Retirement has evolved. Have your strategies? With Americans living longer, retirement now often spans 20 or more years. How can you help clients sustain their financial wellbeing across two decades and beyond? Join our CE webinar to explore how innovative strategies can ensure long-term financial success for your clients. Learn from respected researchers and industry leaders like David Blanchett, Kurt Czarnowski, and Chris Mayer as they dive into mortality estimates, the future of Social Security, and strategic home equity solutions. 🔗 Register now to modernize your approach: https://attendee.gotowebinar.com/register/392729501867631190?source=LoanOfficer #Longbridge #LongbridgeFinancial #webinar #FinancialProfessional #CEcredit #financialplanning #retirement #retirementstrategies #retirementplanning
Celebrate National Savings Day: Savvy Tips for Reinforcing Your Nest Egg
October 12 is #NationalSavingsDay! This serves as a reminder of how important it is to prioritize your future by reviewing your spending habits, getting your retirement funds in line, and planning for your goals. Check out our latest #blog for savvy savings tips to consider. https://ecs.page.link/UzWVS
🔎 FINANCIAL PROS: Can today’s retirees rely on old strategies for tomorrow’s challenges? Between rising healthcare costs, Social Security uncertainties, and increased longevity, retirement planning has never been more complex. Register for our next CE webinar to hear insights from three respected researchers and industry leaders who are navigating this landscape and creating new solutions for financial professionals like you. Secure your spot here: https://attendee.gotowebinar.com/register/392729501867631190?source=LoanOfficer #Longbridge #LongbridgeFinancial #webinar #FinancialProfessional #CEcredit #financialplanning #retirement #retirementstrategies #retirementplanning
October is Long-Term Care Planning Month: Do You Have a Plan in Place?
October is Long-Term Care Planning Month! Long-term care can be an essential part of maintaining a high quality of life as you age – and having the right finances in place is essential. Read our blog to learn more! #LongTermCarePlanningMonth #LongTermCare #blog #Longbridge
🏡 FAQ: “Does the bank own your home with a reverse mortgage?” No, that is a common myth! When you take out a reverse mortgage, you retain sole ownership of your home. The lender simply places a lien on the title to ensure repayment, as with any mortgage. And you keep the title in your name so long as you meet the loan terms, like maintaining the property and paying your property taxes and insurance. The lender’s lien guarantees they’ll be repaid when the loan is due, but you can rest assured that lenders are not in the business of owning homes. Learn more about how reverse mortgages work and your ownership rights in our blog! https://longbridge-financial.com/blog/reverse-mortgages/reverse-mortgages-who-owns-the-home/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeOwnership #ReverseMortgage #HomeEquity
About Me
Karen Faulkner has more than 28 years of combined experience in the Traditional and Reverse Mortgage industries; focusing solely on the Home Equity Conversion Mortgage (HECM) loan market since 2004. She brings an in-depth understanding of the process to her role as a Reverse Mortgage Professional by directly helping hundreds of older Americans retain home ownership and reach their financial and retirement objectives.
Karen has been married to a locomotive engineer, Josh, since 2001. When she is not working, her favorite thing is spending time with family and friends. Her hobbies include exercising, traveling, fishing, and camping. She loves to be anywhere tropical.
Arizona Mortgage Banker License #0930082. Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license. For California consumers: For information about our privacy practices, please visit https://www.longbridge-financial.com/privacy. Branch Address: 336-340 S. Citrus, Covina, CA 91723; Branch NMLS #: 2369412; Phone #: 949-409-4220