Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You keep ownership as long as you live there and pay property taxes and insurance. The loan comes due when you move out permanently or pass away.

Question 2

How much can I borrow with a Lafayette reverse mortgage?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with higher-value homes access more equity, typically 40-60% of home value.

Question 3

Do reverse mortgages have monthly payments?

Accepted Answer

No monthly mortgage payments required. You must maintain property taxes, homeowners insurance, and necessary repairs throughout the loan.

Question 4

What happens to my home when I pass away?

Accepted Answer

Heirs can repay the loan and keep the home, or sell the property. They never owe more than the home's value thanks to FHA insurance.

Question 5

Can I get a reverse mortgage if I still have a mortgage?

Accepted Answer

Yes, but you must use reverse mortgage proceeds to pay off the existing loan first. You need enough equity to cover the payoff and fees.

Reverse Mortgages in Lafayette: Tap Your Home Equity Without Selling