Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, but you remain the owner as long as you live there and meet loan obligations.

Question 2

What happens when I pass away or move out?

Accepted Answer

Your heirs can sell the home, pay off the balance, and keep remaining equity. They are never personally liable for the loan balance.

Question 3

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes — but the reverse mortgage proceeds must first pay off your existing mortgage. You need enough equity for that payoff plus leftover funds.

Question 4

Is the cash I receive taxable income?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor to confirm how this interacts with your specific situation.

Question 5

What is the HUD counseling requirement?

Accepted Answer

Federal law requires a session with a HUD-approved counselor before you apply. It takes about an hour and protects you — not the lender.

Question 6

How much can I access from my Livermore home?

Accepted Answer

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

Reverse Mortgages in Livermore, CA