Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien on the property, repaid when you sell or no longer live there.

Question 2

What happens when the homeowner passes away?

Accepted Answer

Heirs can repay the loan and keep the home or sell it. Any remaining equity goes to the estate.

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, then gives you the remainder.

Question 4

Is the money I receive taxed as income?

Accepted Answer

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

Question 5

How does home value in Imperial affect my loan amount?

Accepted Answer

Lower home values mean smaller HECM payouts. Your age and current rates also factor into the calculation.

Question 6

What is HUD counseling and do I really need it?

Accepted Answer

It's a required session with an approved housing counselor. It covers loan terms, risks, and alternatives before you commit.

Reverse Mortgages in Imperial, CA — Turn Equity Into Income