Question 1

Can I get a reverse mortgage on a manufactured home in Colfax?

Accepted Answer

Yes, but it must meet FHA standards and be on a permanent foundation. Not all manufactured homes qualify — a property review is required.

Question 2

What happens to the loan when I pass away?

Accepted Answer

Your heirs can sell the home, repay the loan balance, or refinance. They keep any remaining equity after the loan is paid off.

Question 3

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. Title stays in your name. The lender places a lien on the property, just like a traditional mortgage.

Question 4

What if my home is worth more than the HECM limit?

Accepted Answer

Proprietary reverse mortgages — not FHA-backed — can handle higher-value homes. We have access to those programs through wholesale lenders.

Question 5

Is HUD counseling really required before closing?

Accepted Answer

Yes, it's mandatory for all HECM loans. You must complete it with a HUD-approved counselor before a lender can issue loan documents.

Reverse Mortgages in Colfax, CA — Turn Equity Into Income