Question 1

Can I lose my Berkeley home with a reverse mortgage?

Accepted Answer

You can — if you fail to pay property taxes, insurance, or maintain the home. The lender can call the loan due if those obligations lapse.

Question 2

Does my heirs' inheritance get affected?

Accepted Answer

Yes. The loan balance gets repaid from the home's sale proceeds. Heirs can also refinance the loan to keep the property.

Question 3

Is HUD counseling really required?

Accepted Answer

Yes — it's mandatory before any HECM closes. HUD-approved counselors explain costs, alternatives, and obligations. Budget about 90 minutes.

Question 4

Can I still sell my Berkeley home later?

Accepted Answer

Absolutely. You can sell anytime. The reverse mortgage balance gets paid off at closing, and you keep the remaining equity.

Question 5

What if my home is worth more than the HECM limit?

Accepted Answer

A jumbo or proprietary reverse mortgage may let you access more equity. Berkeley's high home values make this worth exploring.

Question 6

How do I receive the funds?

Accepted Answer

You choose: lump sum, monthly payments, a line of credit, or a combination. Each option has different implications for how fast the balance grows.

Reverse Mortgages in Berkeley, CA