Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien — same as any mortgage.

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 are never personally liable for more than the home's value.

Question 3

Can I get a reverse mortgage on a condo in Santa Paula?

Accepted Answer

Condos are eligible but must meet FHA approval requirements. Not all condo projects qualify.

Question 4

Is there a minimum credit score requirement?

Accepted Answer

HECMs don't have a hard credit score minimum. Lenders do a financial assessment to check tax and insurance payment history.

Question 5

How much can I borrow?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity can generally access more funds.

Question 6

What if I still have an existing mortgage?

Accepted Answer

You can still qualify. The reverse mortgage must pay off your existing mortgage first, and the rest comes to you.

Reverse Mortgages in Santa Paula, CA