Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You stay on title. The lender places a lien, but ownership doesn't change until you sell, move out, or pass away.

Question 2

What happens when I pass away or sell?

Accepted Answer

The loan becomes due. Your heirs can sell the home, pay off the balance, or refinance to keep it.

Question 3

Does Blue Lake's rural location affect my loan amount?

Accepted Answer

It can. Appraisals with few comps sometimes come in lower. A lower appraised value reduces how much equity you can access.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, for all HECM loans. It's a one-time session with a HUD-approved counselor — usually done by phone and takes under two hours.

Question 5

Can I use a reverse mortgage on a manufactured home?

Accepted Answer

Sometimes. FHA has specific standards. The home must meet HUD guidelines and be on a permanent foundation.

Question 6

Will rising rates affect my reverse mortgage?

Accepted Answer

Yes. Higher rates reduce your principal limit — the amount you can draw. Locking in sooner rather than later can protect your available credit.

Reverse Mortgages in Blue Lake, CA — Turn Equity Into Income