Question 1

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

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. You need enough equity left over to make the transaction worthwhile after payoff and fees.

Question 2

What happens to my reverse mortgage when I die?

Accepted Answer

Your heirs can pay off the loan balance and keep the home, or sell the property and keep remaining equity. They're not personally liable beyond the home's value.

Question 3

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes, you retain title and ownership. You must maintain the property, pay taxes and insurance, and live there as your primary residence to avoid default.

Question 4

How much money can I get from a reverse mortgage in Solvang?

Accepted Answer

It depends on your age, home value, and interest rates. Older borrowers and higher home values yield more proceeds. Rates vary by borrower profile and market conditions.

Question 5

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

Accepted Answer

No. FHA reverse mortgages are non-recourse, meaning you or your heirs never owe more than the home's value when sold. The insurance fund covers any shortfall.

Reverse Mortgages in Solvang: Turn Home Equity Into Retirement Income