Question 1

Can I still leave my home to my heirs with a reverse mortgage?

Accepted Answer

Yes. Heirs can repay the loan balance and keep the home, or sell the property and keep any remaining equity. They are not personally liable for amounts exceeding the home's value.

Question 2

What happens if I need to move into assisted living?

Accepted Answer

The loan becomes due if you move out for more than 12 consecutive months. You or your heirs must repay the balance or sell the home at that point.

Question 3

Do reverse mortgages affect Social Security or Medicare?

Accepted Answer

No. Reverse mortgage proceeds do not count as income for Social Security or Medicare purposes. They may affect needs-based benefits like Medicaid if you hold large cash balances.

Question 4

How much can I borrow with a reverse mortgage in Fillmore?

Accepted Answer

Loan amounts depend on your age, home value, and current interest rates. Older borrowers and higher home values yield larger loans, subject to FHA limits.

Question 5

Can I pay off an existing mortgage with a reverse mortgage?

Accepted Answer

Yes. Many borrowers use reverse mortgage proceeds to eliminate their current mortgage payment. Any remaining funds come to you as a lump sum or line of credit.

Reverse Mortgages in Fillmore: Tap Your Home Equity Without Monthly Payments