Question 1

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

Accepted Answer

No monthly mortgage payments are required. You must still pay property taxes, homeowners insurance, and keep the home maintained.

Question 2

Can I lose my home with a reverse mortgage?

Accepted Answer

You can if you fail to pay taxes, insurance, or stop living there as your primary home. Stay current on those obligations and you're protected.

Question 3

Does my income affect reverse mortgage eligibility?

Accepted Answer

Lenders run a financial assessment, but there's no strict income minimum. They mainly want to confirm you can handle taxes and insurance.

Question 4

Will a rural Willits property qualify for a reverse mortgage?

Accepted Answer

Many rural properties do qualify. Manufactured homes and larger lots have extra requirements — lender selection makes a real difference here.

Question 5

What happens to the loan when I pass away?

Accepted Answer

Heirs can repay the loan balance and keep the home, or sell the home to settle it. They're never personally liable beyond the home's value.

Question 6

Is HUD counseling really required before I close?

Accepted Answer

Yes, it's mandatory for all HECM reverse mortgages. A HUD-approved counselor walks you through costs, risks, and alternatives before you commit.

Reverse Mortgages in Willits, CA — Turn Equity Into Income