Question 1

Do I have to make monthly payments on a reverse mortgage?

Accepted Answer

No. You receive funds instead of making payments. The loan is repaid when you sell, move, or pass the home to your heirs. Property taxes and insurance remain your responsibility.

Question 2

What's the minimum age to qualify for a reverse mortgage in Clayton?

Accepted Answer

You must be 62 or older. The older you are, the more equity you can access. Lenders also consider your home's value and current interest rates when calculating your borrowing limit.

Question 3

Can I still leave my home to my heirs if I have a reverse mortgage?

Accepted Answer

Yes. Your heirs inherit the home. They can repay the loan balance from the sale proceeds or refinance into a traditional mortgage. The home doesn't automatically go to the lender.

Question 4

What happens if I move or sell my home?

Accepted Answer

The reverse mortgage becomes due. You (or your heirs) repay the loan balance from the sale proceeds. Any remaining equity goes to you or your estate. Moving resets the loan — you can't take it with you.

Question 5

Is HUD counseling really required before closing?

Accepted Answer

Yes. Federal law requires a HUD-approved counselor to review the loan terms, costs, and alternatives with you. This protects you and ensures you understand the commitment. Counseling is free or low-cost.

Reverse Mortgages in Clayton: Access Your Home Equity