Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title and ownership. The lender places a lien on the property, just like a regular mortgage.

Question 2

What happens when I move out 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 I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes, if you have enough equity. The existing mortgage gets paid off at closing using reverse mortgage proceeds.

Question 4

Is HUD counseling required before I apply?

Accepted Answer

Yes. All HECM borrowers must complete HUD-approved counseling before closing. It's required, not optional.

Question 5

What credit score do I need for a reverse mortgage?

Accepted Answer

There's no minimum score, but lenders do a financial assessment. Poor credit can affect approval or require a set-aside for taxes and insurance.

Reverse Mortgages in Grand Terrace, CA