Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title and remain responsible for taxes, insurance, and upkeep. The lender does not own your home.

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 balance, or refinance. They keep any remaining equity.

Question 3

Can my spouse stay if they're not on the loan?

Accepted Answer

Eligible non-borrowing spouses have federal protections. They may stay in the home after the borrower passes, under specific conditions.

Question 4

How much can I borrow in Lakeport?

Accepted Answer

The amount depends on your age, home value, and current interest rates. Higher equity and older age generally mean more proceeds.

Question 5

Is the cash I receive from a reverse mortgage taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not subject to federal income tax — confirm with your tax advisor.

Question 6

Can I get a reverse mortgage if I still have a balance on my home?

Accepted Answer

Yes. The existing mortgage gets paid off at closing from your reverse mortgage proceeds. You just need enough equity to cover it.

Reverse Mortgages in Lakeport, CA