Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You keep the home as long as you live there and pay taxes and insurance. The loan only comes due when you move out or pass away.

Question 2

How much can I borrow in Pismo Beach?

Accepted Answer

Loan amounts depend on your age, home value, and current interest rates. Coastal properties typically qualify for higher amounts due to strong valuations.

Question 3

Do I still own my home?

Accepted Answer

Yes. You remain on title and control the property. The lender places a lien but doesn't take ownership.

Question 4

What happens to my heirs?

Accepted Answer

They can repay the loan and keep the home or sell it. They're never liable for more than the home's value at your passing.

Question 5

Can I pay off a reverse mortgage early?

Accepted Answer

Yes. You can repay anytime without penalty. Many borrowers use proceeds from selling a second property or downsizing later.

Reverse Mortgages in Pismo Beach: Unlock Equity Without Monthly Payments