Question 1

Can I lose my house with a reverse mortgage?

Accepted Answer

Only if you stop paying property taxes, insurance, or let the home fall into disrepair. As long as you meet those obligations and live there, you can't be foreclosed on.

Question 2

How much money can I get from my Orange Cove home?

Accepted Answer

Depends on your age, home value, and current rates. At 62, you might access 50% of equity. At 75, closer to 65%. A broker runs exact numbers based on your situation.

Question 3

What happens if I need to move to assisted living?

Accepted Answer

The loan becomes due if you're gone for more than 12 consecutive months. You or your heirs sell the home and repay the balance at that point.

Question 4

Do I pay taxes on reverse mortgage proceeds?

Accepted Answer

No. The IRS treats it as loan proceeds, not income. Consult a tax advisor, but most borrowers owe nothing on distributions.

Question 5

Can my spouse stay in the home if I die first?

Accepted Answer

Yes, if they're listed as a co-borrower and at least 62. Non-borrowing spouses under 62 have limited protections but may face complications.

Reverse Mortgages in Orange Cove: Turn Home Equity Into Retirement Income