Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You keep title to your home. The risk is defaulting on taxes, insurance, or maintenance — that can trigger repayment.

Question 2

Does my credit score affect approval?

Accepted Answer

There's no minimum credit score, but lenders do a financial assessment. Serious delinquencies can affect eligibility.

Question 3

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can sell the home or refinance to pay off the balance and keep the property.

Question 4

Is reverse mortgage income taxable?

Accepted Answer

Loan proceeds are not taxed as income. Consult a tax advisor for your specific situation.

Question 5

What homes qualify in Bishop?

Accepted Answer

Single-family homes and FHA-approved condos qualify. The home must meet FHA minimum property standards.

Question 6

How much can I borrow against my Bishop home?

Accepted Answer

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

Reverse Mortgages in Bishop, CA: Turn Equity Into Income