Question 1

Can I lose my Kerman home with a reverse mortgage?

Accepted Answer

You won't lose your home as long as you live there, maintain the property, and pay property taxes and insurance. The loan becomes due when you permanently move out or pass away.

Question 2

How much can I borrow with a Kerman reverse mortgage?

Accepted Answer

Loan amounts depend on your age, home value, and current interest rates. Older borrowers with more valuable Kerman homes qualify for larger amounts. Rates vary by borrower profile and market conditions.

Question 3

Do reverse mortgages affect my Social Security or Medicare?

Accepted Answer

Reverse mortgage proceeds typically don't affect Social Security or Medicare benefits. However, they may impact need-based programs like Medicaid. Consult a financial advisor about your specific situation.

Question 4

What happens to my Kerman home when I pass away?

Accepted Answer

Your heirs can repay the loan and keep the home, or sell it to settle the balance. If the sale exceeds the loan amount, heirs receive the difference.

Question 5

Can I pay off a reverse mortgage early in Kerman?

Accepted Answer

Yes, you can repay a reverse mortgage anytime without prepayment penalties. Some borrowers make voluntary payments to reduce the loan balance and preserve more equity for heirs.

Reverse Mortgages in Kerman, CA: Access Your Home Equity Without Monthly Payments