Question 1

Can I lose my Pinole home with a reverse mortgage?

Accepted Answer

You keep ownership and can stay as long as you pay property taxes, insurance, and maintain the home. The loan becomes due when you permanently move out, sell, or pass away.

Question 2

What happens to my reverse mortgage when I die?

Accepted Answer

Your heirs can pay off the loan balance to keep the home or sell it to settle the debt. Any remaining equity after payoff belongs to your estate.

Question 3

How much can I borrow with a Pinole reverse mortgage?

Accepted Answer

The amount depends on your age, home value, and current rates. Older borrowers with more valuable homes qualify for larger amounts. Rates vary by borrower profile and market conditions.

Question 4

Are reverse mortgage proceeds taxable income?

Accepted Answer

No, funds from a reverse mortgage are loan proceeds, not income, so they're not taxable. Consult a tax professional about your specific situation and estate planning.

Question 5

Can I get a reverse mortgage if I still owe on my current mortgage?

Accepted Answer

Yes, but you must pay off the existing mortgage first, typically using proceeds from the reverse mortgage. You need sufficient equity to cover the payoff and qualify.

Reverse Mortgages in Pinole: Access Your Home Equity While Staying in Place