Question 1

Can I get a reverse mortgage if I still owe money on my current mortgage?

Accepted Answer

Yes. The reverse mortgage pays off your existing loan first. You keep any remaining funds as cash or a line of credit.

Question 2

What happens if I need to move into assisted living?

Accepted Answer

The loan becomes due if you don't occupy the home as your primary residence for 12 consecutive months. You or your heirs must repay or sell.

Question 3

Do reverse mortgages affect my Social Security or Medicare benefits?

Accepted Answer

No. Reverse mortgage proceeds don't count as income. They won't reduce your Social Security, Medicare, or other benefits.

Question 4

Can the lender take my home if the loan balance exceeds the property value?

Accepted Answer

No. HECM loans are non-recourse. Lenders can't pursue other assets if your home sells for less than the loan balance.

Question 5

How do I receive the funds from a reverse mortgage?

Accepted Answer

You choose: lump sum, monthly payments, line of credit, or a combination. Most Paso Robles clients prefer a line for flexibility.

Reverse Mortgages in Paso Robles: Access Your Home Equity Without Monthly Payments