Question 1

Can I get a reverse mortgage if I still have a mortgage balance?

Accepted Answer

Yes. The reverse mortgage pays off your existing balance first. The remaining proceeds come to you.

Question 2

Do I have to pay taxes and insurance with a reverse mortgage?

Accepted Answer

Yes. You're still responsible for property taxes, homeowners insurance, and basic maintenance. Skipping those can trigger default.

Question 3

How much can I borrow with a reverse mortgage in Yucca Valley?

Accepted Answer

Your loan amount depends on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for more.

Question 4

What happens to the home when I pass away?

Accepted Answer

Your heirs can sell the home, repay the loan, and keep any remaining equity. They typically have 6 to 12 months to decide.

Question 5

Can both spouses be on the reverse mortgage?

Accepted Answer

Yes. Both spouses should be listed as borrowers. A surviving spouse can stay in the home if the primary borrower passes away.

Question 6

Is HUD counseling really required before closing?

Accepted Answer

It's required for all HECM loans — no exceptions. SRK CAPITAL can refer you to a HUD-approved counselor to get it scheduled quickly.

Reverse Mortgages in Yucca Valley, CA