Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title and ownership. The lender places a lien on the property, just like a regular mortgage.

Question 2

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 remaining equity. They have 12 months to settle.

Question 3

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

Accepted Answer

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

Question 4

Is reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not subject to federal income tax.

Question 5

How much can I borrow with a Madera reverse mortgage?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity typically qualify for more.

Question 6

What if I want to move out of my Madera home later?

Accepted Answer

The loan becomes due when you permanently leave the home. You can sell, repay the balance, and keep any remaining equity.

Reverse Mortgages in Madera, CA — Turn Equity Into Income