Question 1

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

Accepted Answer

No. You make no monthly mortgage payments. The loan balance is repaid when you sell, move, or pass away.

Question 2

Can the lender take my Rio Vista home?

Accepted Answer

Not while you live there and keep up taxes, insurance, and basic maintenance. Those obligations stay with you.

Question 3

How much can I borrow with a reverse mortgage?

Accepted Answer

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

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. Before any HECM closes, you must complete a session with a HUD-approved housing counselor. It's not optional.

Question 5

What happens to my heirs when I pass away?

Accepted Answer

They have options. They can sell the home, pay off the balance, or refinance into a traditional mortgage to keep the property.

Question 6

Can I use a reverse mortgage if I still have a balance on my current loan?

Accepted Answer

Yes, but the reverse mortgage must pay off your existing mortgage first. Whatever equity remains can then be accessed.

Reverse Mortgages in Rio Vista, CA