Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title to your home. The lender places a lien, but you remain the owner as long as you meet loan obligations.

Question 2

What triggers repayment on a reverse mortgage?

Accepted Answer

Repayment is due when you sell, move out permanently, or pass away. Failing to pay taxes or insurance can also trigger it.

Question 3

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

Accepted Answer

Only FHA-approved manufactured homes qualify for HECMs. Standard mobile homes typically do not meet HECM property requirements.

Question 4

How much can I borrow against my Taft home?

Accepted Answer

Your age, home value, and current interest rates determine the amount. Rates vary by borrower profile and market conditions.

Question 5

What happens to my heirs when I pass away?

Accepted Answer

Heirs can repay the loan and keep the home, or sell it and keep any remaining equity after the balance is settled.

Reverse Mortgages in Taft, CA — Turn Equity Into Income