Question 1

Do I have to make monthly payments?

Accepted Answer

No. Repayment is deferred until you sell, move out, or pass away. You must still pay taxes and insurance.

Question 2

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you fail to pay property taxes or insurance. Staying current on those is non-negotiable.

Question 3

Does my income affect eligibility?

Accepted Answer

Lenders do a financial assessment. Stable income helps, but there's no minimum income threshold like a traditional loan.

Question 4

What happens to the home when I pass away?

Accepted Answer

Heirs can repay the loan and keep the home or sell it. Any equity above the loan balance goes to the estate.

Question 5

Does Lassen County have specific FHA loan limits?

Accepted Answer

Yes. FHA sets county-level limits that cap HECM loan amounts. We can confirm the current Lassen County limit for you.

Question 6

Can I get a reverse mortgage on a manufactured home?

Accepted Answer

Some manufactured homes qualify if they meet FHA requirements. We verify eligibility before you go through counseling.

Reverse Mortgages in Susanville, CA