Question 1

Do I have to pay back the loan while I live there?

Accepted Answer

No. Repayment is due when you sell, move out, or pass away. Your heirs typically sell the home to settle the balance.

Question 2

What if my home value is low in Clearlake?

Accepted Answer

Lower values mean smaller loan amounts. The appraisal determines your available equity and what you can borrow.

Question 3

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you stop paying property taxes or homeowner's insurance. Staying current on both is a loan requirement.

Question 4

How does HUD counseling work?

Accepted Answer

It's a one-on-one phone or in-person session with an approved HUD counselor. You'll get a certificate required to proceed.

Question 5

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. The remaining equity is what you can access.

Question 6

How do I receive the money?

Accepted Answer

You choose: lump sum, monthly payments, a line of credit, or a combination. Each option fits different financial needs.

Reverse Mortgages in Clearlake, CA — Turn Equity Into Income