Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You can if you fail to pay property taxes or insurance. Staying current on those obligations keeps the loan in good standing.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can repay it and keep the home, or sell the home to settle the balance.

Question 3

Is my spouse protected if they're under 62?

Accepted Answer

Non-borrowing spouses have deferral protections under current HUD rules. They can stay in the home after the borrowing spouse passes, under qualifying conditions.

Question 4

How much can I borrow in Marysville?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally access more funds. Rates vary by borrower profile and market conditions.

Question 5

Do I have to take the money as a lump sum?

Accepted Answer

No. You can take a lump sum, monthly payments, a line of credit, or a combination. The line-of-credit option is often the most flexible.

Question 6

Is HUD counseling really required?

Accepted Answer

Yes — it's mandatory before any HECM closes. A HUD-approved counselor walks you through costs, risks, and alternatives.

Reverse Mortgages in Marysville, CA