Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You retain full ownership and the title remains in your name. The lender holds a lien, but you control the home. Your heirs inherit any remaining equity after the loan is repaid.

Question 2

What's the minimum age to qualify for a reverse mortgage in Long Beach?

Accepted Answer

You must be at least 62 years old. All borrowers on the title must meet this age requirement. Younger spouses may be listed as non-borrowing spouses under certain conditions.

Question 3

How much can I borrow on a reverse mortgage?

Accepted Answer

The amount depends on your age, home value, and current interest rates. Older borrowers and higher-valued homes allow larger loans. A typical range is 40–60% of your home's equity, but an appraisal and calculation determine your exact amount.

Question 4

Will a reverse mortgage affect my Social Security or Medicare benefits?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income, so they don't count toward Social Security or Medicare eligibility. Consult your benefits advisor if you receive Medicaid or SSI, as asset limits may apply.

Question 5

What happens to my reverse mortgage when I pass away or move?

Accepted Answer

The loan becomes due when you pass, sell, or permanently leave the home. Your heirs can repay the loan to keep the house, or the lender sells it and returns remaining equity to your estate.

Reverse Mortgages in Long Beach: Access Your Home Equity Without Monthly Payments