Question 1

Do I have to pay taxes and insurance still?

Accepted Answer

Yes. You're still responsible for property taxes, homeowners insurance, and maintenance. Failing to pay these can trigger loan default.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can repay it and keep the home, or sell the home to settle the balance.

Question 3

Can my spouse stay if I pass away first?

Accepted Answer

An eligible non-borrowing spouse may remain in the home. They must meet HUD's requirements and be named in the loan documents.

Question 4

How much equity do I need in Dinuba?

Accepted Answer

There's no fixed minimum, but more equity means a larger payout. A lender will run a financial assessment to determine your amount.

Question 5

Is a reverse mortgage considered income?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. They typically don't affect Social Security or Medicare eligibility.

Question 6

Can I get a reverse mortgage on a manufactured home in Tulare County?

Accepted Answer

Yes, if it meets FHA standards. It must be on a permanent foundation and titled as real property, not personal property.

Reverse Mortgages in Dinuba, CA — Turn Equity Into Income