Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You keep the title. The lender places a lien, but you own the home as long as you live there and meet loan terms.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, repay the balance, or refinance. FHA insurance covers any shortfall.

Question 3

Is there a minimum credit score required?

Accepted Answer

HECM reverse mortgages don't have a set credit score minimum. Lenders do review credit history and financial obligations.

Question 4

Can I get a reverse mortgage on a condo in Chowchilla?

Accepted Answer

Yes, but the condo must be FHA-approved. Not all Chowchilla condos qualify — we check approval status before you apply.

Question 5

How is the loan amount determined?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally access more funds. Rates vary by borrower profile and market conditions.

Question 6

What if my home still has a mortgage balance?

Accepted Answer

You can still qualify. The reverse mortgage must pay off your existing mortgage first. Remaining funds come to you.

Reverse Mortgages in Chowchilla, CA