Question 1

Can I get a reverse mortgage if I still owe money on my current mortgage?

Accepted Answer

Yes, if you have enough equity. The reverse mortgage pays off your existing loan first. Remaining funds go to you.

Question 2

What happens to my reverse mortgage when I die?

Accepted Answer

Your heirs can pay off the balance and keep the house, or sell it and keep any remaining equity. If they do neither, the lender forecloses.

Question 3

Will I lose my home if property values drop in Whittier?

Accepted Answer

No. HECM reverse mortgages are non-recourse—you or your heirs never owe more than the home's value when the loan comes due.

Question 4

Can I use a reverse mortgage to buy a home in Whittier?

Accepted Answer

Yes, HECM for Purchase lets you buy with a large down payment and no monthly payments. You must be 62+ and meet residency requirements.

Question 5

How much cash can I get from a reverse mortgage?

Accepted Answer

It depends on your age, home value, and interest rates. Older borrowers with more expensive homes access more equity—typically 40-60% of home value.

Question 6

Do reverse mortgages affect my Social Security or Medicare?

Accepted Answer

No. Reverse mortgage proceeds don't count as income. They won't reduce Social Security benefits or affect Medicare eligibility.

Reverse Mortgages in Whittier: Turn Home Equity Into Cash Without Monthly Payments