Question 1

Can I lose my Soledad home with a reverse mortgage?

Accepted Answer

You keep the title and can stay as long as you live there, pay taxes, and maintain insurance. The loan is due when you sell or move permanently.

Question 2

What happens to my home equity?

Accepted Answer

Equity decreases as loan interest accrues. When the home is sold, remaining equity goes to you or your heirs after the loan is repaid.

Question 3

Do I need good credit to qualify?

Accepted Answer

Credit matters less than age and equity. Lenders check if you can afford property taxes and homeowners insurance annually.

Question 4

How much can I borrow in Soledad?

Accepted Answer

Loan amounts depend on your age, home value, and rates. Older borrowers with higher home values qualify for more. Rates vary by borrower profile.

Question 5

Are reverse mortgages better than HELOCs?

Accepted Answer

Reverse mortgages suit retirees who can't handle monthly payments. HELOCs work better if you have income and want repayment flexibility.

Reverse Mortgages in Soledad: Access Home Equity Without Selling