Question 1

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

Accepted Answer

No. A reverse mortgage has no required monthly payment. You must keep up taxes, insurance, and basic maintenance.

Question 2

What happens to the home when I pass away?

Accepted Answer

Your heirs can sell the home and pay off the loan. They can also refinance and keep it if there's remaining equity.

Question 3

Can I get a reverse mortgage on a rural Alturas property?

Accepted Answer

Yes, but rural properties need a qualifying appraisal. Fewer local comps can make this step take longer.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. FHA requires independent HECM counseling before you can apply. It typically costs under $200 and can be done by phone.

Question 5

Will a reverse mortgage affect my Social Security or Medicare?

Accepted Answer

Reverse mortgage proceeds are not taxable income. They generally don't affect Social Security or Medicare benefits.

Question 6

How much can I borrow against my Alturas home?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity qualify for more. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Alturas, CA — Turn Equity Into Income