Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You keep the title and can stay as long as you pay taxes, insurance, and maintain the property. The loan comes due when you move, sell, or pass away.

Question 2

What happens if I owe more than my home is worth?

Accepted Answer

FHA-insured reverse mortgages are non-recourse loans. Neither you nor your heirs owe more than the home's value at the time of sale.

Question 3

How does a reverse mortgage affect my heirs?

Accepted Answer

Heirs can pay off the loan and keep the home, sell it and keep remaining equity, or walk away with no debt obligation. They have time to decide.

Question 4

Can I use reverse mortgage funds for anything?

Accepted Answer

Yes. Common uses include paying off existing mortgages, covering medical bills, funding renovations, or supplementing retirement income.

Question 5

What are the upfront costs in Walnut Creek?

Accepted Answer

Expect origination fees, FHA mortgage insurance, appraisal costs, and closing fees. These can often be rolled into the loan balance.

Reverse Mortgages in Walnut Creek: Turn Equity Into Retirement Cash Flow