Question 1

Can I get a reverse mortgage on a Mammoth Lakes condo?

Accepted Answer

Only if the condo project is FHA-approved. Many resort condos in Mammoth aren't on the list, so check before you apply.

Question 2

What happens to the loan when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it. They keep any remaining equity after repayment.

Question 3

Does a reverse mortgage affect my Social Security or Medicare?

Accepted Answer

Generally no. Reverse mortgage proceeds are not considered income. But Medi-Cal eligibility rules can be different — consult an advisor.

Question 4

Can my spouse stay if they're under 62?

Accepted Answer

Yes, under non-borrowing spouse protections. But their rights depend on how the loan is structured — get this right at closing.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, always. It's a federal requirement for HECM loans. It typically costs under $200 and can be done by phone.

Question 6

What if my Mammoth home is worth more than HECM limits?

Accepted Answer

A proprietary reverse mortgage may give you access to more equity. These are private products not backed by FHA.

Reverse Mortgages in Mammoth Lakes, CA