Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title. The lender places a lien, but you keep ownership as long as you live there and maintain the home.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, pay off the balance, or refinance. They keep any remaining equity.

Question 3

Can a reverse mortgage pay off my current mortgage?

Accepted Answer

Yes — and that's common. The reverse mortgage proceeds pay off the existing loan first. Then remaining funds go to you.

Question 4

Does Alameda County property value affect how much I can borrow?

Accepted Answer

Yes. Higher appraised value means more equity to draw from. HECM limits apply nationally, capping the base calculation.

Question 5

What disqualifies a borrower from a reverse mortgage?

Accepted Answer

Failing the financial assessment, not living in the home as a primary residence, or being under 62 will disqualify you.

Question 6

Is the money I receive taxable income?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. They don't affect Social Security or Medicare eligibility.

Reverse Mortgages in Fremont, CA — Turn Equity Into Income