Question 1

Can I lose my Martinez home with a reverse mortgage?

Accepted Answer

You keep ownership as long as you live there, pay property taxes, maintain insurance, and keep the home in good condition. The loan comes due when you permanently move or pass away.

Question 2

How much can I borrow with a Martinez reverse mortgage?

Accepted Answer

Loan amounts depend on your age, home value, and current rates. Older borrowers with higher home values qualify for larger amounts, typically 40-60% of home value.

Question 3

What happens to my heirs after I pass away?

Accepted Answer

Heirs can repay the loan and keep the home, sell the home to pay off the balance, or walk away. They never owe more than the home's value at sale.

Question 4

Do I pay taxes on reverse mortgage proceeds?

Accepted Answer

No, the IRS treats reverse mortgage proceeds as loan advances, not income. Consult a tax professional about your specific situation.

Question 5

Can I get a reverse mortgage with an existing mortgage?

Accepted Answer

Yes, but reverse mortgage proceeds must first pay off your existing loan. Remaining funds become available to you after that payoff.

Reverse Mortgages in Martinez: Convert Home Equity to Income Without Monthly Payments