Question 1

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

Accepted Answer

No monthly mortgage payments are required. The loan balance grows over time and is repaid when you sell, move out, or pass away.

Question 2

What happens to my home when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it into a traditional mortgage. They keep any remaining equity.

Question 3

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes, but the existing mortgage must be paid off at closing. The reverse mortgage proceeds often cover this.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. Federal law requires independent HUD-approved counseling before any HECM closes. It protects you — take it seriously.

Question 5

How much equity can I access in Suisun City?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity access a higher percentage. Rates vary by borrower profile and market conditions.

Question 6

Are reverse mortgage proceeds taxable?

Accepted Answer

Loan proceeds are not considered income, so they are generally not taxable. Consult a tax advisor for your specific situation.

Reverse Mortgages in Suisun City, CA