Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You keep the title. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can't be forced out as long as you live there and maintain the home. The loan doesn't have a fixed payoff date.

Question 3

Does my credit score affect approval?

Accepted Answer

It's part of the financial assessment but not a hard cutoff like conventional loans. Tax and insurance payment history matters more.

Question 4

Can my spouse stay if I pass away first?

Accepted Answer

If your spouse is a co-borrower or eligible non-borrowing spouse, they can stay. Structure this correctly upfront — it's critical.

Question 5

Is the money I receive taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They're generally not taxable — but consult a tax advisor.

Question 6

How much can I borrow in Union City?

Accepted Answer

It depends on your age, home value, and current rates. Higher rates as of March 2026 reduce the available draw. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Union City — Turn Equity Into Income