Question 1

Can I get a reverse mortgage if I still owe on my current mortgage?

Accepted Answer

Yes, but you must pay off the existing mortgage using reverse mortgage proceeds. Your remaining equity determines how much cash you receive after payoff.

Question 2

What happens if I outlive my home equity?

Accepted Answer

You can stay in the home as long as you live there and pay taxes and insurance. The loan is non-recourse, so you never owe more than the home's value.

Question 3

Do my heirs inherit my reverse mortgage debt?

Accepted Answer

Your heirs can pay off the loan balance and keep the home, or sell it and keep any remaining equity. They're never personally liable for the debt.

Question 4

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

Accepted Answer

Loan amounts depend on your age, home value, and current rates. Older borrowers with higher equity receive more. Parlier's modest prices limit total proceeds.

Question 5

Will a reverse mortgage affect my Social Security or Medicare benefits?

Accepted Answer

Reverse mortgage proceeds don't count as income, so they won't affect Social Security or Medicare. They may impact Medicaid or SSI if funds sit in your account.

Question 6

Can I pay off a reverse mortgage early without penalty?

Accepted Answer

Yes. You can pay down or pay off the balance anytime without prepayment penalties. Some borrowers do this to preserve equity for heirs.

Reverse Mortgages in Parlier: Turn Home Equity Into Cash Without Monthly Payments