Question 1

Can I lose my Hollister home with a reverse mortgage?

Accepted Answer

Not if you stay current on property taxes, insurance, and maintenance. The loan only becomes due when you sell, move out permanently, or pass away.

Question 2

How much can I borrow with a Hollister reverse mortgage?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more valuable homes qualify for larger amounts.

Question 3

Do I still own my Hollister home with a reverse mortgage?

Accepted Answer

Yes. You retain title and all ownership rights. The lender only has a lien against the property until the loan is repaid.

Question 4

What happens to my heirs after I pass away?

Accepted Answer

Heirs can repay the loan and keep the home, or sell the property and keep any remaining equity. They're never liable for more than the home's value.

Question 5

Can I get a reverse mortgage if I still owe on my Hollister home?

Accepted Answer

Yes, but reverse mortgage proceeds must first pay off your existing mortgage. You receive any remaining funds as a lump sum or credit line.

Reverse Mortgages in Hollister: Tap Home Equity Without Monthly Payments