Loading
Loading
Montague is a small, tight-knit community in Siskiyou County. Many homeowners here have lived in their homes for decades and built serious equity.
A reverse mortgage lets homeowners 62 and older tap that equity. No monthly mortgage payment is required as long as you live in the home.
62 years old
Minimum Age
Not required
Monthly Payment
Required
HUD Counseling
HECM (FHA-insured)
Loan Type
You sell or move out
Loan Due When
Reverse Mortgages in Montague
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — most lenders want it owned free and clear or nearly so.
You still pay property taxes, homeowners insurance, and upkeep. Falling behind on those can trigger default, so budget carefully.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Montague.
Montague is a small, tight-knit community in Siskiyou County. Many homeowners here have lived in their homes for decades and built serious equity.
A reverse mortgage lets homeowners 62 and older tap that equity. No monthly mortgage payment is required as long as you live in the home.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — most lenders want it owned free and clear or nearly so.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages, insured by FHA. That federal backing makes them safer than proprietary products.
Rural areas like Montague can have fewer local lenders offering reverse products. Working with a broker who shops across 200+ wholesale lenders matters here.
The biggest mistake I see: borrowers assume any reverse mortgage works the same. Loan limits, payout structures, and fees vary significantly by lender.
HECM loans have a federal loan limit. If your home's value exceeds that cap, a jumbo or proprietary reverse mortgage may release more equity.
A HELOC also taps home equity, but requires monthly payments and a qualifying income. Many retirees on fixed income can't clear that bar.
A reverse mortgage has no income requirement and no monthly payment. The tradeoff is that interest accrues over time, reducing the equity left for heirs.
Siskiyou County is rural, and property values here are more modest than coastal California. That affects how much equity you can access.
Montague homeowners who've paid off their homes over 20 or 30 years may still access meaningful funds — enough to cover healthcare costs, home repairs, or supplement retirement income.
No. You remain on title and own the home. The loan is repaid when you sell, move out, or pass away.
Heirs can repay the loan balance and keep the home. They can also sell the home to settle the debt.
Yes, if you have enough equity. The reverse mortgage pays off your existing loan first. Remaining funds go to you.
Yes. It's mandatory before any HECM closes. It protects you — counselors explain costs, risks, and alternatives.
Yes. Your payout is based on your home's appraised value, your age, and current rates. Rates vary by borrower profile and market conditions.
You choose: lump sum, monthly payments, a line of credit, or a combination. Each option suits different financial needs.