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, repaid when you sell or vacate.

Question 2

What happens when I pass away?

Accepted Answer

Your heirs can repay the loan and keep the home. Or they sell the home and keep remaining equity.

Question 3

Is the HECM limit enough for a Ross home?

Accepted Answer

Often not. Ross home values frequently exceed HECM limits. A jumbo reverse mortgage may serve you better.

Question 4

Are reverse mortgage proceeds taxable?

Accepted Answer

Loan proceeds are not income. Consult a tax advisor — we don't give tax advice, but this is a common question.

Question 5

Can I take payments instead of a lump sum?

Accepted Answer

Yes. You can receive monthly payments, a line of credit, a lump sum, or a combination of all three.

Question 6

What are my ongoing responsibilities?

Accepted Answer

You must pay property taxes, homeowners insurance, and maintain the home. Failure to do so can trigger default.

Reverse Mortgages in Ross, CA — Turn Equity Into Income