Question 1

Can I lose my Fairfax home with a reverse mortgage?

Accepted Answer

Yes — if you stop paying taxes, insurance, or move out. Stay current on those and the loan stays intact.

Question 2

What happens when I pass away?

Accepted Answer

Your heirs can sell the home, repay the loan, or refinance it. They keep any equity above what's owed.

Question 3

Does my home value in Marin affect how much I get?

Accepted Answer

Absolutely. Higher appraised value plus your age determines the loan amount. Marin values often support larger draws.

Question 4

Can my spouse stay if I pass away first?

Accepted Answer

Eligible non-borrowing spouses have protections under HECM rules. Ask your broker how to structure this correctly from the start.

Question 5

Is a reverse mortgage taxable income?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor for your specific situation.

Question 6

What's the minimum credit score required?

Accepted Answer

HECMs don't set a hard score minimum, but lenders review credit history. Financial assessment is still required at underwriting.

Reverse Mortgages in Fairfax, Marin County