Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title and ownership. The lender places a lien on the property, just like a regular mortgage.

Question 2

What happens if I outlive the loan?

Accepted Answer

Nothing — you can stay as long as you live there and meet loan obligations. The loan only comes due when you leave the home.

Question 3

Can I get a reverse mortgage on a Eureka rental property?

Accepted Answer

No. HECMs require the home to be your primary residence. Investment and rental properties don't qualify.

Question 4

How much can I borrow with a reverse mortgage?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity generally qualify for more. Rates vary by borrower profile and market conditions.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, and it's non-negotiable for a HECM. A HUD-approved counselor must review the loan with you before closing.

Question 6

What if my home needs repairs before qualifying?

Accepted Answer

Lenders can require repairs as a condition of approval. In some cases, repair funds are set aside from proceeds at closing.

Reverse Mortgages in Eureka, CA — Turn Equity Into Income