Question 1

Do I have to sell my home to get a reverse mortgage?

Accepted Answer

No. You keep the title and stay in the home. The loan is repaid when you sell, move out, or pass away.

Question 2

Can my South Lake Tahoe vacation cabin qualify?

Accepted Answer

No. Only your primary residence qualifies. Seasonal or vacation properties are not eligible.

Question 3

What happens to the loan when I die?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it. They keep any remaining equity after repayment.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, it's mandatory before closing. An approved counselor reviews your options and confirms you understand the loan terms.

Question 5

What if my Tahoe home is worth more than the HECM limit?

Accepted Answer

A jumbo reverse mortgage may work. These are private products with higher limits and no FHA backing.

Question 6

Can I still have an existing mortgage and get a reverse mortgage?

Accepted Answer

Yes, but the reverse mortgage must pay off the existing loan first. Remaining proceeds come to you.

Reverse Mortgages in South Lake Tahoe — Turn Equity Into Income