Question 1

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

Accepted Answer

No monthly payments are required. The loan is repaid when you sell, move out, or pass away.

Question 2

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes — if you fail to pay property taxes, insurance, or maintain the home. Those obligations remain yours.

Question 3

Does a reverse mortgage affect my heirs?

Accepted Answer

Heirs can repay the loan and keep the home. They can also sell the home and keep any remaining equity.

Question 4

How much can I borrow in Crescent City?

Accepted Answer

It depends on your age, home value, and current rates. Lower local home values typically mean lower loan amounts.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, every HECM borrower must complete it. It typically takes about an hour and costs a small fee.

Question 6

Can I get a reverse mortgage on a condo in Crescent City?

Accepted Answer

Condos must be FHA-approved. Not all condo complexes qualify, so check approval status before applying.

Reverse Mortgages in Crescent City, CA