Question 1

Do I have to sell my home to get a reverse mortgage?

Accepted Answer

No. You keep the title and stay in the home. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens if my home value exceeds the HECM limit?

Accepted Answer

A proprietary jumbo reverse mortgage may let you access more equity. We shop both options for Belvedere borrowers.

Question 3

Can my spouse stay if I pass away first?

Accepted Answer

Yes, if your spouse is also on the loan or listed as an eligible non-borrowing spouse. This requires specific documentation at closing.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, for HECMs it's federally mandated. It takes about 90 minutes and must happen before you apply.

Question 5

Will my heirs owe money when I'm gone?

Accepted Answer

They repay the loan balance — usually by selling the home. They keep any remaining equity after repayment.

Question 6

How is the payout structured?

Accepted Answer

You choose: lump sum, monthly payments, a line of credit, or a combination. Each structure has different tax and cash flow implications.

Reverse Mortgages in Belvedere, CA