Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You stay on title and own the home. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can't outlive a HECM. As long as you live there and meet the loan terms, you stay in the home.

Question 3

Can I get a reverse mortgage on a rural Portola property?

Accepted Answer

Yes, if the home meets FHA property standards. Rural condition and access requirements will be reviewed at appraisal.

Question 4

Is HUD counseling really required?

Accepted Answer

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

Question 5

How do I receive the money?

Accepted Answer

You choose: lump sum, monthly payments, a line of credit, or a combination. Each option has different tax implications.

Question 6

What credit score do I need?

Accepted Answer

HECMs don't have a set credit score minimum. Lenders do a financial assessment to confirm you can cover ongoing costs.

Reverse Mortgages in Portola, CA — Turn Equity Into Income