Question 1

Do I have to make monthly payments on a reverse mortgage?

Accepted Answer

No. Repayment is deferred until you sell, move out, or pass away. You must still pay property taxes and homeowners insurance.

Question 2

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

Accepted Answer

Yes, but property eligibility depends on the appraisal and lender. Rural properties face more scrutiny than urban homes.

Question 3

What happens to my home when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it. Any remaining equity after repayment goes to them.

Question 4

Does agricultural land affect my loan amount?

Accepted Answer

Likely yes. Lenders typically appraise only the residential portion. Attached farmland is often excluded from equity calculations.

Question 5

Is HUD counseling required before I get a reverse mortgage?

Accepted Answer

Yes. Federal law requires independent HUD-approved counseling before any reverse mortgage closes. It's not optional.

Question 6

How much can I borrow with a reverse mortgage in Tulelake?

Accepted Answer

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

Reverse Mortgages in Tulelake, CA — Turn Equity Into Income