Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, but you own the home as long as you meet loan terms.

Question 2

What happens when I move or pass away?

Accepted Answer

The loan becomes due. Your heirs can sell the home, repay the balance, or refinance to keep it.

Question 3

Can my spouse stay if I pass away first?

Accepted Answer

If your spouse is listed as a non-borrowing spouse, they may remain in the home under specific FHA protections.

Question 4

Is the reverse mortgage counseling required in California?

Accepted Answer

Yes. HUD-approved counseling is federally required before any HECM closes. It applies everywhere, including San Juan Bautista.

Question 5

What credit score do I need for a reverse mortgage?

Accepted Answer

There is no minimum credit score for HECMs. Lenders still run a financial assessment to check payment history and obligations.

Question 6

How much can I borrow against my home?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers typically access a larger share of equity.

Reverse Mortgages in San Juan Bautista, CA