Question 1

Can I use my Big Bear Lake vacation home for a reverse mortgage?

Accepted Answer

No. It must be your primary residence. A cabin used seasonally won't qualify.

Question 2

What happens to the home when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan. They can also refinance and keep it.

Question 3

Do I need good credit to qualify?

Accepted Answer

Lenders run a financial assessment — credit and income both factor in. There's no hard minimum credit score like a conventional loan.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. It's federally mandated before closing a HECM reverse mortgage. Budget time for it — usually a few days to schedule.

Question 5

Can I get a reverse mortgage if I still have a balance on my current loan?

Accepted Answer

Yes, if you have enough equity. The reverse mortgage pays off your existing loan first.

Question 6

How does a reverse mortgage affect my property taxes in California?

Accepted Answer

You remain responsible for property taxes and homeowner's insurance. Missing those payments can trigger loan default.

Reverse Mortgages in Big Bear Lake, CA