Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you fail to pay property taxes, insurance, or maintain the home. The loan stays current as long as you meet those obligations.

Question 2

What happens when I pass away?

Accepted Answer

Your heirs can sell the home, repay the loan balance, and keep any remaining equity. They typically have 12 months to act.

Question 3

Does my income affect approval in Brawley?

Accepted Answer

Income matters less than with traditional loans. Lenders do a financial assessment to confirm you can cover taxes and insurance.

Question 4

How much equity can I access?

Accepted Answer

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

Question 5

Can I use a reverse mortgage on a manufactured home?

Accepted Answer

Yes, if it meets FHA requirements — built after June 1976, on a permanent foundation, and titled as real property.

Question 6

Is HUD counseling really required?

Accepted Answer

Yes, it's mandatory before any HECM closes. You can complete it by phone. Budget one to two hours and a small fee.

Reverse Mortgages in Brawley, CA — Turn Equity Into Income