Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and keep ownership. The lender places a lien on the property, repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can stay in the home as long as it's your primary residence and you meet the loan terms. The loan doesn't come due until you leave.

Question 3

Can my heirs keep the home after I pass?

Accepted Answer

Yes. They can pay off the reverse mortgage balance and keep the property. They typically have 6–12 months to arrange financing or sell.

Question 4

Is my reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not taxable. Consult a tax advisor for your specific situation.

Question 5

How much can I borrow on a Jackson home?

Accepted Answer

It depends on your age, current interest rates, and your home's appraised value. Older borrowers and higher home values produce larger loan amounts. Rates vary by borrower profile and market conditions.

Question 6

Is HUD counseling required before I can apply?

Accepted Answer

Yes. All HECM borrowers must complete an approved HUD counseling session. It's independent — the counselor doesn't work for the lender.

Reverse Mortgages in Jackson, CA — Turn Equity Into Income