Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You retain title and ownership. The lender places a lien on the property, repaid when you sell, move out, or pass away.

Question 2

What happens when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it. Any remaining equity after repayment goes to your estate.

Question 3

Can I get a reverse mortgage on a rural Placerville property?

Accepted Answer

Possibly, but the property must meet FHA condition and access standards. Rural parcels with deferred maintenance or access issues can complicate approval.

Question 4

How much can I borrow?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for higher amounts. Rates vary by borrower profile and market conditions.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, it's mandatory before you can close a HECM. Use that session — a good counselor will walk you through scenarios your lender won't always volunteer.

Question 6

What if I still have a mortgage balance?

Accepted Answer

The reverse mortgage pays off your existing loan first. You access equity above that balance — so a smaller remaining mortgage means more funds available to you.

Reverse Mortgages in Placerville, CA