Question 1

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

Accepted Answer

No monthly payments are required while you live in the home. The loan balance is repaid when you sell, move out, or pass away.

Question 2

Can I get a reverse mortgage if I still have an existing mortgage?

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. The remaining equity is what you can access.

Question 3

What happens to the home when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance into a traditional mortgage. Any remaining equity goes to them.

Question 4

Does Sonoma County's wildfire risk affect my reverse mortgage?

Accepted Answer

It can. Lenders require you to maintain homeowners insurance. Wildfire zones can raise that cost, and lenders verify you can cover it.

Question 5

Is HUD counseling really required before I close?

Accepted Answer

Yes — federal rules require it for all HECM loans. It's a one-time session with an approved counselor before your application moves forward.

Question 6

How much can I borrow with a reverse mortgage in Santa Rosa?

Accepted Answer

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

Reverse Mortgages in Santa Rosa, CA