Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and own the home. The lender holds a lien, just like a regular mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

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

Question 3

Can I get a reverse mortgage on a rural Plymouth property?

Accepted Answer

Yes, but the home must meet FHA property standards. Rural properties sometimes require repairs before approval.

Question 4

Will wildfire insurance affect my reverse mortgage?

Accepted Answer

You must maintain hazard insurance continuously. If coverage lapses, the lender can call the loan due.

Question 5

How much can I borrow with a reverse mortgage?

Accepted Answer

It depends on your age, appraised home value, and current rates. Rates vary by borrower profile and market conditions.

Question 6

Is HUD counseling really required in California?

Accepted Answer

Yes, it's federally required for all HECM loans. You must complete it before your loan can close.

Reverse Mortgages in Plymouth, CA — Tap Your Equity, Keep Your Home