Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You stay on title. The lender places a lien, but you own the home throughout the loan.

Question 2

What happens to my heirs when I pass away?

Accepted Answer

Heirs have options — they can sell the home, repay the loan and keep it, or walk away. They're never personally liable for the balance.

Question 3

Can I get a reverse mortgage on a manufactured home in Rio Dell?

Accepted Answer

Possibly. FHA allows HECM loans on some manufactured homes. The property must meet specific HUD standards and be on a permanent foundation.

Question 4

How much can I borrow against my home?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity can access more funds.

Question 5

Is the money I receive taxable?

Accepted Answer

Loan proceeds from a reverse mortgage are not considered income. Consult a tax advisor for your specific situation.

Question 6

What if I want to move out of my Rio Dell home later?

Accepted Answer

If you move out permanently, the loan becomes due. You'd typically sell the home and repay the balance from the proceeds.

Reverse Mortgages in Rio Dell, CA