Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title and ownership. The lender places a lien, but you remain the homeowner as long as you meet loan requirements.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Your heirs can sell the home, pay off the balance, or refinance. They keep any remaining equity.

Question 3

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes, if you have enough equity. The reverse mortgage pays off your existing loan first. Remaining funds go to you.

Question 4

Is the cash I receive from a reverse mortgage taxable?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor for your specific situation.

Question 5

How much can I borrow with a reverse mortgage in Calexico?

Accepted Answer

It depends on your age, your home's value, and current rates. Older borrowers with more equity access more funds. Rates vary by borrower profile and market conditions.

Question 6

What is HUD counseling and is it required?

Accepted Answer

It's a required one-on-one session with a HUD-approved advisor. They review the loan terms and make sure you understand your options before you commit.

Reverse Mortgages in Calexico, CA