Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You stay on title and own the home. The lender holds a lien, just like a regular mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Your heirs can sell the home, repay the loan, or refinance it into their name.

Question 3

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

Accepted Answer

Yes, if you have enough equity. The existing balance gets paid off first from your reverse mortgage proceeds.

Question 4

Are reverse mortgage proceeds taxable?

Accepted Answer

Generally no — proceeds are loan advances, not income. Talk to your CPA for your specific situation.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, for HECM loans it's mandatory. A HUD-approved counselor reviews the loan with you before you close.

Question 6

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

Accepted Answer

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

Reverse Mortgages in Hanford, CA — Turn Equity Into Income