Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You stay on title and own the home. The lender places a lien — just like any mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Your heirs can sell the home, repay the balance, or refinance. They keep any remaining equity.

Question 3

Can I get a reverse mortgage on a Healdsburg vacation home?

Accepted Answer

No. Reverse mortgages require the home to be your primary residence. Vacation or rental properties don't qualify.

Question 4

How much can I borrow against my Healdsburg home?

Accepted Answer

It depends on your age, home value, and current interest rates. Higher equity and older age both increase your available proceeds. Rates vary by borrower profile and market conditions.

Question 5

Is a jumbo reverse mortgage different from a HECM?

Accepted Answer

Yes. Jumbo reverse mortgages are privately issued and not FHA-backed. They often allow access to higher loan amounts on high-value properties.

Question 6

What are my ongoing obligations with a reverse mortgage?

Accepted Answer

You must pay property taxes, homeowners insurance, and maintain the home. Falling behind on those can trigger default.

Reverse Mortgages in Healdsburg, CA