Question 1

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

Accepted Answer

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

Question 2

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you fail to pay property taxes, insurance, or stop using the home as your primary residence, the lender can call the loan due.

Question 3

How much can I borrow with a reverse mortgage in Sutter County?

Accepted Answer

Loan amounts depend on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for more.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. You must complete a session with a HUD-approved counselor before your application can move forward. It's not optional.

Question 5

What happens to the loan when I pass away?

Accepted Answer

Your heirs can repay the balance and keep the home, or sell the home to settle the loan. They keep any remaining equity.

Question 6

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

Accepted Answer

Yes, but the reverse mortgage must first pay off the existing balance. The remaining proceeds are yours to use.

Reverse Mortgages in Live Oak, CA