Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

Only if you fail to pay property taxes, insurance, or stop living there as your primary residence. The loan doesn't come due as long as you meet those requirements.

Question 2

How much can I borrow on a Woodland home?

Accepted Answer

Depends on your age, home value, and current rates. A 70-year-old with a $450K home might access $225K-$250K. Older borrowers get higher percentages.

Question 3

Will my heirs inherit debt?

Accepted Answer

Your heirs can pay off the loan balance and keep the home, or sell it and keep any remaining equity. They never owe more than the home's value.

Question 4

Do reverse mortgages affect Social Security or Medicare?

Accepted Answer

No, loan proceeds don't count as income for those programs. But they may affect needs-based benefits like Medi-Cal if you hold large sums in the bank.

Question 5

Can I refinance a reverse mortgage later?

Accepted Answer

Yes, if rates drop significantly or home value increases. But you'll pay closing costs again, so the savings need to justify the expense.

Question 6

What happens if I need to move to assisted living?

Accepted Answer

The loan becomes due once you stop living in the home for 12 consecutive months. You or your family must repay or sell at that point.

Reverse Mortgages in Woodland: Access Your Home Equity Without Monthly Payments