Question 1

Do I still own my Capitola home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender is repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can't be forced out while the home is your primary residence. The loan stays in place as long as you live there and maintain the property.

Question 3

Can my heirs keep the house after I'm gone?

Accepted Answer

Yes. They can pay off the reverse mortgage balance and retain ownership. They can also sell the home and keep any remaining equity.

Question 4

Is my Capitola home eligible if it's high value?

Accepted Answer

Standard HECMs have FHA loan limits. If your home value exceeds those limits, jumbo reverse mortgage products may cover the gap.

Question 5

What are my responsibilities as a reverse mortgage borrower?

Accepted Answer

You must keep the home as your primary residence, pay property taxes, and maintain homeowners insurance. Failing these can trigger loan repayment.

Question 6

Does a reverse mortgage affect Social Security or Medicare?

Accepted Answer

Generally no. Reverse mortgage proceeds are loan advances, not income. Consult a financial advisor about your specific benefit situation.

Reverse Mortgages in Capitola, CA