Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title. The lender holds a lien, not the deed.

Question 2

What happens when the last borrower passes away?

Accepted Answer

Heirs have options — they can sell, refinance, or repay the loan balance. The home is not automatically taken by the lender.

Question 3

Can I get a reverse mortgage on a manufactured home in Needles?

Accepted Answer

Manufactured homes can qualify under HECM guidelines if they meet FHA requirements. Age, foundation type, and titling all factor in.

Question 4

What is HUD counseling and is it required?

Accepted Answer

It's an independent session with a HUD-approved advisor. It is required before any HECM can close — no exceptions.

Question 5

How do rising mortgage rates affect my reverse mortgage?

Accepted Answer

Higher rates lower your principal limit — the amount you can borrow. Rates vary by borrower profile and market conditions.

Question 6

Can my non-borrowing spouse stay in the home if I pass first?

Accepted Answer

Yes, if properly structured. A non-borrowing spouse designation must be set up correctly at origination to provide that protection.

Reverse Mortgages in Needles, CA — Turn Equity Into Income