Question 1

Do I have to make monthly payments?

Accepted Answer

No. The loan balance grows over time and is repaid when you sell, move out, or pass away.

Question 2

Will my heirs lose the home?

Accepted Answer

Heirs can repay the loan and keep it. They can also sell the home and keep any remaining equity.

Question 3

How much can I borrow in San Leandro?

Accepted Answer

It depends on your age, home value, and current rates. Higher home values in Alameda County often mean more available equity.

Question 4

Is HUD counseling required?

Accepted Answer

Yes, it's required for all HECM borrowers. You complete it with an approved HUD counselor before closing.

Question 5

What happens if I outlive the loan?

Accepted Answer

Nothing — you stay in the home. The loan only comes due when you permanently leave or the home is sold.

Question 6

Can I get a reverse mortgage on a condo in San Leandro?

Accepted Answer

Yes, but FHA must approve the condo project. Not all Alameda County condos qualify — check before assuming.

Reverse Mortgages in San Leandro, CA