Question 1

Can I lose my home with a reverse mortgage in Atascadero?

Accepted Answer

You keep ownership and can stay in your home as long as you maintain property taxes, insurance, and basic upkeep. The loan becomes due when you permanently move or pass away.

Question 2

What happens to my reverse mortgage if I need to move to assisted living?

Accepted Answer

The loan becomes due if you're away from the home for more than 12 consecutive months. You or your heirs can sell the home to repay the balance or refinance to keep it.

Question 3

How much can I borrow with a reverse mortgage in Atascadero?

Accepted Answer

The amount depends on your age, home value, and interest rates. Rates vary by borrower profile and market conditions. Older borrowers with higher-value homes typically access more equity.

Question 4

Will a reverse mortgage affect my Social Security or Medicare benefits?

Accepted Answer

Reverse mortgage proceeds don't affect Social Security or Medicare. However, they may impact needs-based programs like Medicaid if you accumulate funds beyond program limits.

Question 5

Can my heirs keep the house after I pass away?

Accepted Answer

Yes, heirs can repay the loan balance and keep the property. They typically refinance with a traditional mortgage or pay cash to settle the reverse mortgage debt.

Reverse Mortgages in Atascadero: Turn Your Home Equity Into Retirement Income