Question 1

Can I lose my Belmont home with a reverse mortgage?

Accepted Answer

You retain ownership and cannot be forced out if you maintain the property, pay taxes and insurance, and live there as your primary residence. The loan comes due when these conditions change.

Question 2

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

Accepted Answer

The amount depends on your age, home value, and current interest rates. Older borrowers with higher-value properties qualify for larger loans, subject to federal lending limits.

Question 3

What happens to my reverse mortgage when I pass away?

Accepted Answer

Your heirs can repay the loan to keep the home or sell it to satisfy the debt. They keep any remaining equity after the loan is repaid.

Question 4

Do I need good credit for a reverse mortgage?

Accepted Answer

Credit requirements are less strict than traditional mortgages, but lenders assess your ability to pay property taxes and insurance. Payment history on these obligations matters most.

Question 5

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

Accepted Answer

Yes, but existing mortgage debt must be paid off using reverse mortgage proceeds. You need sufficient equity remaining after paying off existing liens to qualify.

Reverse Mortgages in Belmont: Access Your Home Equity Without Monthly Payments