Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You can if you stop paying taxes, insurance, or abandon the home. Stay current on those and the loan stays in good standing.

Question 2

What happens when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it. Any remaining equity after repayment goes to them.

Question 3

Do I need good credit to qualify?

Accepted Answer

There's no minimum credit score for a HECM. Lenders do a financial assessment to ensure you can cover taxes and insurance.

Question 4

How much equity can I access in Dos Palos?

Accepted Answer

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

Question 5

Is the counseling session mandatory?

Accepted Answer

Yes. HUD requires it before you can close. It takes about 90 minutes and covers your options, costs, and alternatives.

Question 6

Can I use a reverse mortgage on a manufactured home?

Accepted Answer

Sometimes. The home must meet FHA standards and be on a permanent foundation. Not every manufactured home qualifies.

Reverse Mortgages in Dos Palos, CA