Question 1

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

Accepted Answer

Yes. The reverse mortgage pays off your existing balance first. Remaining proceeds go to you.

Question 2

What happens to the home when I pass away?

Accepted Answer

Your heirs can sell the home, repay the loan, or refinance. They keep any remaining equity after the loan is settled.

Question 3

Does living near Joshua Tree affect my eligibility?

Accepted Answer

Location doesn't disqualify you. The home must meet FHA property standards and appraise at a sufficient value.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, every borrower must complete it before closing. It's a federal requirement, not optional.

Question 5

Can my spouse stay if I pass away first?

Accepted Answer

If your spouse is a co-borrower or eligible non-borrowing spouse, they can remain. Structure this correctly at closing.

Question 6

How long does a reverse mortgage approval take?

Accepted Answer

Typically 30 to 45 days. Appraisal and HUD counseling scheduling drive most of the timeline.

Reverse Mortgages in Twentynine Palms, CA