Question 1

Can I outlive a reverse mortgage?

Accepted Answer

No. You can live in the home for life as long as you pay property taxes and insurance. The loan only comes due when you move out permanently or pass away.

Question 2

What happens if home value drops?

Accepted Answer

You're protected. The loan is non-recourse, meaning you or your heirs never owe more than the home's value at the time of sale.

Question 3

Do reverse mortgages affect Social Security?

Accepted Answer

No. Reverse mortgage proceeds don't count as income. Your Social Security and Medicare benefits remain unaffected by taking a reverse mortgage.

Question 4

Can I pay off a reverse mortgage early?

Accepted Answer

Yes. You can prepay anytime without penalty. Many borrowers use reverse mortgages as a bridge and pay them off later from other sources.

Question 5

What if my spouse isn't 62 yet?

Accepted Answer

They can be listed as a non-borrowing spouse. This protects their right to stay in the home after you pass, but it may reduce your loan amount.

Reverse Mortgages in Gridley — Turn Home Equity Into Retirement Income