Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

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

Question 2

What happens to my heirs when I die?

Accepted Answer

Heirs can repay the loan and keep the home, or sell it. Any remaining equity goes to them.

Question 3

Can I lose my Scotts Valley home with a reverse mortgage?

Accepted Answer

Yes, if you stop paying taxes, insurance, or stop living there as your primary home.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, it's mandatory before any HECM closes. A HUD-approved counselor reviews the loan with you.

Question 5

How much can I borrow against my home's equity?

Accepted Answer

It depends on your age, current rates, and appraised value. Older borrowers with more equity qualify for more. Rates vary by borrower profile and market conditions.

Question 6

Can I get a reverse mortgage on a condo in Scotts Valley?

Accepted Answer

Possibly. FHA-approved condos qualify for HECMs. Non-approved condos require a proprietary reverse mortgage instead.

Reverse Mortgages in Scotts Valley, CA