Question 1

Can my heirs inherit my Sierra Madre home after a reverse mortgage?

Accepted Answer

Yes. Heirs can pay off the loan balance and keep the home, or sell it and keep any remaining equity after repayment.

Question 2

What happens if I need to move to assisted living?

Accepted Answer

The loan becomes due when you permanently leave the home. You or your heirs sell or refinance to settle the balance.

Question 3

Do I still own my Sierra Madre property with a reverse mortgage?

Accepted Answer

Yes. You retain title and ownership. The lender holds a lien that gets repaid when you sell or pass away.

Question 4

Can the bank take my home if the loan balance exceeds property value?

Accepted Answer

No. HECM reverse mortgages are non-recourse loans. You or your heirs never owe more than the home's value at sale.

Question 5

How much can I borrow on my Sierra Madre home?

Accepted Answer

It depends on your age, current interest rates, and home value. Older borrowers and higher values increase your principal limit.

Reverse Mortgages in Sierra Madre: Access Your Home Equity Without Leaving Your Property