Question 1

What age do I need to be for a reverse mortgage in Cerritos?

Accepted Answer

You must be at least 62 years old to qualify. All borrowers on the title must meet this age requirement for approval.

Question 2

Will I still own my Cerritos home with a reverse mortgage?

Accepted Answer

Yes, you retain full ownership of your home. You must maintain the property, pay taxes, and keep homeowners insurance current.

Question 3

How much can I borrow with a Cerritos reverse mortgage?

Accepted Answer

The amount depends on your age, home value, and current rates. Older borrowers with higher-value homes typically qualify for larger amounts.

Question 4

Do I need to repay a reverse mortgage monthly?

Accepted Answer

No monthly payments are required. The loan becomes due when you sell, move out permanently, or pass away.

Question 5

Can I use reverse mortgage funds for anything in Cerritos?

Accepted Answer

Yes, funds can be used for any purpose. Common uses include healthcare, home repairs, daily expenses, or paying off existing mortgages.

Reverse Mortgages in Cerritos: Access Your Home Equity Without Monthly Payments