Question 1

Do I have to make monthly payments?

Accepted Answer

No monthly mortgage payment is required. You must keep up with taxes, insurance, and home maintenance.

Question 2

What happens when I pass away?

Accepted Answer

Your heirs can sell the home or repay the loan balance to keep it. They're never personally liable beyond the home's value.

Question 3

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

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. The remaining equity becomes your available funds.

Question 4

How is my loan amount determined?

Accepted Answer

It's based on your age, home's appraised value, and current interest rates. Older borrowers with more equity generally qualify for more.

Question 5

Is my Exeter home eligible?

Accepted Answer

Single-family homes and FHA-approved condos typically qualify. Manufactured homes may qualify if they meet HUD standards.

Question 6

Do I still own my home?

Accepted Answer

Yes, you retain title and ownership. The lender places a lien on the property, just like any other mortgage.

Reverse Mortgages in Exeter, CA — Turn Equity Into Income