Question 1

Do I have to make monthly payments on a reverse mortgage?

Accepted Answer

No. Repayment is deferred until you sell the home, move out permanently, or pass away. You must still pay taxes and insurance.

Question 2

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you fail to pay property taxes, insurance, or maintain the home. Staying current on those obligations is non-negotiable.

Question 3

What happens to my heirs when I pass away?

Accepted Answer

They can repay the loan balance and keep the home, or sell the property to settle it. They never owe more than the home's value.

Question 4

Is my Point Arena home eligible if it's on rural land?

Accepted Answer

Generally yes, if it's your primary residence and meets FHA property standards. Rural properties sometimes face stricter appraisal reviews.

Question 5

How much can I borrow against my home?

Accepted Answer

It depends on your age, current interest rates, and your home's appraised value. Rates vary by borrower profile and market conditions.

Question 6

What is HUD counseling and is it really required?

Accepted Answer

It's a government-mandated session with an approved housing counselor. No HECM closes without it — budget a few hours and a small fee.

Reverse Mortgages in Point Arena, CA