Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on the title. The lender places a lien, but you keep ownership as long as you live there and meet the loan requirements.

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

Accepted Answer

Yes — if you have enough equity. The existing mortgage gets paid off first using reverse mortgage proceeds.

Question 4

Is the cash I receive taxable income?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor for your specific situation.

Question 5

What credit score do I need in Los Banos?

Accepted Answer

There's no strict minimum score for HECM loans. Lenders run a financial assessment focused on payment history and ability to cover ongoing costs.

Question 6

Why is HUD counseling required?

Accepted Answer

It's federal law for HECM loans. An approved counselor walks you through costs, alternatives, and risks before you commit.

Reverse Mortgages in Los Banos, CA