Question 1

Can I lose my Huron home with a reverse mortgage?

Accepted Answer

You keep ownership but must maintain taxes, insurance, and repairs. The loan comes due if you fail these obligations or move out permanently for 12+ months.

Question 2

How much can I borrow with a reverse mortgage in Huron?

Accepted Answer

Rates vary by borrower profile and market conditions. The amount depends on your age, home value, and interest rates. Older borrowers typically access more equity.

Question 3

Do I pay taxes on reverse mortgage funds?

Accepted Answer

No, reverse mortgage proceeds are generally tax-free since they're loan advances, not income. Consult a tax professional for your specific situation.

Question 4

What happens to the reverse mortgage when I die?

Accepted Answer

Heirs can repay the loan to keep the home or sell it to settle the balance. They're never liable for more than the home's value at that time.

Question 5

Are there alternatives to reverse mortgages for Huron seniors?

Accepted Answer

Yes, consider home equity loans, HELOCs, downsizing, or property tax deferral programs. Each option has different requirements and benefits worth exploring.

Reverse Mortgages in Huron: Unlock Your Home Equity After 62