Question 1

Can I get a reverse mortgage on a Laguna Woods co-op?

Accepted Answer

FHA won't back HECMs on co-ops. You'd need a proprietary reverse mortgage instead.

Question 2

Do I lose ownership of my home?

Accepted Answer

No. You keep the title. The loan is repaid when you sell, move out, or pass away.

Question 3

What happens if I outlive the loan?

Accepted Answer

You can stay as long as it's your primary residence. The loan only comes due when you leave.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, it's mandatory before any HECM closes. It usually takes about an hour by phone.

Question 5

Can my spouse stay if I pass away first?

Accepted Answer

Yes, if they're a co-borrower or a qualifying non-borrowing spouse listed on the loan.

Question 6

How is the loan amount determined?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity get more.

Reverse Mortgages in Laguna Woods, CA