Question 1

Do I make monthly payments on a reverse mortgage?

Accepted Answer

No — there's no monthly mortgage payment as long as you meet the loan terms. But you do remain responsible for ongoing costs: property taxes, homeowner's insurance, home upkeep, and any HOA or property charges. Keeping these current is what keeps your loan in good standing.

Question 2

What keeps my reverse mortgage in good standing?

Accepted Answer

A few ongoing responsibilities: Pay your property taxes and keep homeowner's insurance active. Maintain the home in reasonable repair. Live in it as your primary residence and return the annual occupancy certification. Stay current on HOA dues and any other required property charges. Meet these and there's no monthly mortgage payment to make.

Question 3

What happens if I can't pay my property taxes or insurance?

Accepted Answer

Falling behind on taxes, insurance, or upkeep can put the loan into default — but you have options, and the earlier you act, the better. Your servicer may offer a repayment plan, and California's Property Tax Postponement program may help. The most important step is to reach out early, before a small problem grows. Miguel is glad to help you think it through.

Question 4

What is the annual occupancy certification?

Accepted Answer

It's a short form your loan servicer mails you once a year to confirm you still live in the home as your primary residence. Sign it and send it back by the deadline. Returning it promptly avoids unnecessary letters or holds on your loan.