Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, and repayment is due when you sell, move out, or pass away.

Question 2

What happens if my spouse is under 62?

Accepted Answer

Non-borrowing spouses have specific protections under HECM rules. Plan this carefully — it affects how much you can borrow.

Question 3

Can I get a reverse mortgage on a rural Amador City property?

Accepted Answer

Yes, but the property must meet FHA standards. Condition and appraisal value both affect your final loan amount.

Question 4

How is the loan amount determined?

Accepted Answer

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

Question 5

When does the reverse mortgage have to be repaid?

Accepted Answer

Repayment triggers when you sell, permanently move out, or pass away. Heirs can repay the loan and keep the home.

Question 6

Is HUD counseling really mandatory?

Accepted Answer

Yes. You must complete it with a HUD-approved counselor before the lender can proceed. It typically takes about an hour.

Reverse Mortgages in Amador City, CA