Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

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

Question 2

What happens if my loan balance exceeds the home's value?

Accepted Answer

HECMs are non-recourse loans. You or your heirs never owe more than the home's sale price.

Question 3

Can I get a reverse mortgage on a rural Glenn County property?

Accepted Answer

Yes, if it meets FHA property standards. Rural homes qualify as long as they are your primary residence.

Question 4

How is the loan amount determined?

Accepted Answer

It depends on your age, the home's appraised value, and current interest rates. Older borrowers typically access more equity.

Question 5

What if I have an existing mortgage balance?

Accepted Answer

The reverse mortgage pays off your current loan first. Remaining proceeds come to you as cash or a credit line.

Question 6

Is reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not subject to federal income tax.

Reverse Mortgages in Willows, CA — Turn Equity Into Income