Question 1

What happens to my home when I die?

Accepted Answer

Your heirs can repay the loan and keep the house, or sell it and keep any remaining equity. The lender can't take more than the home's value thanks to FHA insurance.

Question 2

Can I still leave my home to my children?

Accepted Answer

Yes, but they must repay the reverse mortgage balance to keep it. They can refinance into a traditional mortgage or pay cash to satisfy the loan.

Question 3

What if my home value drops below the loan balance?

Accepted Answer

FHA insurance covers the difference. You or your heirs never owe more than 95% of the appraised value when the loan comes due.

Question 4

Do I need income to qualify for a reverse mortgage?

Accepted Answer

No income verification required. Lenders only assess your ability to pay property taxes, insurance, and maintenance through a financial review.

Question 5

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

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. You keep any remaining proceeds after satisfying that debt.

Question 6

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

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with higher-value homes can access more equity, typically 40-60% of appraised value.

Reverse Mortgages in Sanger: Turn Your Home Equity Into Retirement Income