Question 1

Does the bank own my home with a reverse mortgage?

Accepted Answer

No. You keep the title. The lender places a lien on the property, just like a regular mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, refinance it, or pay off the balance to keep it.

Question 3

Can I get a reverse mortgage on a mobile home in Westmorland?

Accepted Answer

HECMs require the home to meet FHA property standards. Some manufactured homes qualify — an FHA appraisal determines eligibility.

Question 4

How much can I borrow against my Westmorland home?

Accepted Answer

It depends on your age, the appraised value, and current rates. Older borrowers with more equity access more funds.

Question 5

Is reverse mortgage income taxable?

Accepted Answer

Loan proceeds are not considered income. Consult a tax advisor to understand how it affects your specific situation.

Question 6

Can my non-borrowing spouse stay in the home?

Accepted Answer

Yes, under current HECM rules, eligible non-borrowing spouses have protections. Review these terms carefully before closing.

Reverse Mortgages in Westmorland, CA