Question 1

Can I get a reverse mortgage on a coastal Trinidad property?

Accepted Answer

Yes, but FHA appraisers scrutinize coastal homes closely. Address deferred maintenance before you apply.

Question 2

What happens if I outlive the loan?

Accepted Answer

You stay in the home. The balance is due only when you sell, move out permanently, or pass away.

Question 3

Does a reverse mortgage affect my Social Security?

Accepted Answer

Reverse mortgage proceeds are not taxable income. They generally don't affect Social Security or Medicare eligibility.

Question 4

Is HUD counseling required in California?

Accepted Answer

Yes, it's federally required. You complete it with a HUD-approved counselor before any loan documents are signed.

Question 5

What if my spouse is under 62?

Accepted Answer

Non-borrowing spouses have protections under current HECM rules. They may stay in the home, but cannot access new funds.

Question 6

How much can I borrow against my Trinidad home?

Accepted Answer

That depends on your age, your home's appraised value, and current rates. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Trinidad, CA — Turn Equity Into Income