Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title to the home. The lender places a lien on it, similar to any other mortgage.

Question 2

What happens when I move out 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 rural Amador County property?

Accepted Answer

Often yes, but the property must meet FHA guidelines. Rural acreage and outbuildings can complicate the appraisal.

Question 4

How much can I borrow against my Sutter Creek home?

Accepted Answer

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

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, for the most common reverse mortgage — the HECM. You must complete it before any loan documents are signed.

Question 6

What can disqualify me from a reverse mortgage?

Accepted Answer

Failing the financial assessment, having a property that doesn't meet FHA standards, or being under 62 are common disqualifiers.

Reverse Mortgages in Sutter Creek, CA