Question 1

Can I get a reverse mortgage on a rural property in Dunsmuir?

Accepted Answer

Yes, but lender options are narrower. Working with a broker who shops multiple lenders is key in Siskiyou County.

Question 2

What happens to my home when I pass away?

Accepted Answer

Your heirs can repay the loan and keep the home, or sell it. Any equity above the loan balance goes to them.

Question 3

Do I need good credit to qualify?

Accepted Answer

HECM programs don't have a minimum credit score. Lenders do review your credit history for tax and insurance payment patterns.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. A HUD-approved counselor must review the loan with you before closing. It's mandatory, not optional.

Question 5

What if my home still has a mortgage on it?

Accepted Answer

You can still qualify. The reverse mortgage must first pay off any existing mortgage balance. Remaining proceeds go to you.

Question 6

Can I be forced out of my home with a reverse mortgage?

Accepted Answer

Only if you stop paying taxes, insurance, or maintenance — or stop living there as your primary home.

Reverse Mortgages in Dunsmuir, CA