Question 1

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

Accepted Answer

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

Question 2

Do I still own my Commerce home with a reverse mortgage?

Accepted Answer

Yes, you retain ownership and can live in your home. You must maintain the property and pay taxes and insurance as the homeowner.

Question 3

How much can I borrow with a Commerce reverse mortgage?

Accepted Answer

The amount depends on your age, home value, and interest rates. Rates vary by borrower profile and market conditions affecting loan limits.

Question 4

Will my heirs inherit debt with a reverse mortgage?

Accepted Answer

Heirs can pay off the loan and keep the home or sell it to satisfy the debt. They never owe more than the home's value.

Question 5

Can I use reverse mortgage funds for anything in Commerce?

Accepted Answer

Yes, loan proceeds can be used for any purpose including healthcare, bills, or home improvements. There are no restrictions on how you spend the money.

Reverse Mortgages in Commerce, CA – Turn Your Home Equity Into Retirement Income