Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title to the home. The lender places a lien, and the loan is repaid when you sell, move out, or pass away.

Question 2

What happens to my heirs when I die?

Accepted Answer

Heirs can sell the home to repay the loan or refinance it. They keep any remaining equity after the balance is paid.

Question 3

Can I get a reverse mortgage on a manufactured home in Farmersville?

Accepted Answer

Some manufactured homes qualify for HECMs, but requirements are strict. The home must meet FHA standards and be on a permanent foundation.

Question 4

How much cash can I get from a reverse mortgage?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity typically receive more proceeds.

Question 5

Is HUD counseling really mandatory?

Accepted Answer

Yes. You must complete HUD-approved counseling before any HECM can close. It protects you — and lenders won't skip it.

Question 6

What if my home needs repairs before qualifying?

Accepted Answer

Lenders may require repairs before or after closing. Some reverse mortgages allow repair funds to be set aside from your proceeds.

Reverse Mortgages in Farmersville, CA