Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes — if you stop paying taxes, insurance, or stop living there as your primary home. Those obligations don't go away with the loan.

Question 2

What happens when I pass away?

Accepted Answer

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

Question 3

Is the money I receive taxable?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. Talk to a tax advisor to confirm how it fits your specific situation.

Question 4

Does my credit score affect approval?

Accepted Answer

HECMs don't have a minimum credit score. But lenders do review your history of paying taxes and insurance to assess default risk.

Question 5

Can I get a reverse mortgage on a rural Nevada City property?

Accepted Answer

Often yes, but it depends on property type and condition. We match rural foothill properties to lenders who are comfortable with them.

Question 6

How much can I borrow?

Accepted Answer

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

Reverse Mortgages in Nevada City, CA