Question 1

Do I have to make monthly payments on a reverse mortgage?

Accepted Answer

No. Repayment is due only when you sell, move out, or pass away. No monthly mortgage payment is required while you live in the home.

Question 2

Can I lose my Arcata home with a reverse mortgage?

Accepted Answer

You can if you stop paying property taxes or homeowner's insurance. Keeping up with those obligations protects you from default.

Question 3

How much can I borrow against my Arcata home?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for higher proceeds.

Question 4

Is HUD counseling required before getting a reverse mortgage?

Accepted Answer

Yes. All HECM borrowers must complete a HUD-approved counseling session first. It's required — not optional.

Question 5

Can I get a reverse mortgage if I still have a balance on my Humboldt County home?

Accepted Answer

Yes, if your equity is sufficient. The reverse mortgage proceeds must first pay off any existing mortgage balance.

Question 6

What happens to the home when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance into a conventional mortgage. They keep any remaining equity.

Reverse Mortgages in Arcata, CA — Turn Equity Into Income