Question 1

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

Accepted Answer

No. Payments are not required while you live in the home. The loan becomes due when you sell, move out, or pass away.

Question 2

Can I lose my Holtville home with a reverse mortgage?

Accepted Answer

Yes, if you fail to pay property taxes, homeowners insurance, or maintain the home. Lenders can call the loan due for those defaults.

Question 3

Is HUD counseling really required?

Accepted Answer

Yes — it's mandatory before any HECM closes. A HUD-approved counselor walks you through costs, obligations, and alternatives.

Question 4

How much equity can I access in Holtville?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally receive higher loan amounts. Rates vary by borrower profile and market conditions.

Question 5

What happens to my heirs when I pass away?

Accepted Answer

Heirs can pay off the reverse mortgage and keep the home, or sell the home and keep any remaining equity after repayment.

Question 6

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

Accepted Answer

Yes, if the remaining balance is low enough. The reverse mortgage proceeds must first pay off the existing loan.

Reverse Mortgages in Holtville, CA — Turn Equity Into Income