Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You stay on title and keep ownership. The lender places a lien, just like a regular mortgage.

Question 2

What happens when I move or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, pay off the balance, or refinance to keep it.

Question 3

Can I get a reverse mortgage on a Piedmont condo?

Accepted Answer

Yes, but the condo project must meet FHA approval requirements. Not all Piedmont condos qualify.

Question 4

How much equity can I access?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity access more funds. Rates vary by borrower profile and market conditions.

Question 5

Is there a minimum credit score required?

Accepted Answer

HECMs don't have a hard credit score minimum. Lenders do a financial assessment to confirm you can maintain taxes and insurance.

Question 6

Can I receive funds as monthly payments instead of a lump sum?

Accepted Answer

Yes. You can take a lump sum, monthly payments, a line of credit, or a combination of all three.

Reverse Mortgages in Piedmont, CA — Turn Equity Into Income