Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and own the home. The lender places a lien, just like a regular mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can repay the balance and keep the home, or sell and keep remaining equity.

Question 3

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

Accepted Answer

Yes, but the existing mortgage must be paid off first — often using reverse mortgage proceeds at closing.

Question 4

Are reverse mortgage proceeds taxable?

Accepted Answer

Loan proceeds are not considered income. Consult a tax advisor for your specific situation.

Question 5

Does Alameda County's home value affect how much I can borrow?

Accepted Answer

Higher appraised value helps, but HECMs are capped by FHA's national lending limit. We'll calculate your specific number.

Question 6

What ongoing responsibilities do I have?

Accepted Answer

You must pay property taxes, homeowners insurance, and maintain the home. Failing these can trigger the loan due.

Reverse Mortgages in Newark, CA — Turn Equity Into Income