Question 1

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

Accepted Answer

No. You keep title to the home. The lender places a lien, just like a regular mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can sell the home, refinance, or pay off the balance to keep it.

Question 3

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

Accepted Answer

Yes. The existing mortgage must be paid off, usually using reverse mortgage proceeds at closing.

Question 4

How much can I borrow in Del Rey Oaks?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity qualify for more. Rates vary by borrower profile and market conditions.

Question 5

Is reverse mortgage income taxable?

Accepted Answer

Loan proceeds are generally not taxable income. Consult your CPA — tax situations vary.

Question 6

What if my spouse is under 62?

Accepted Answer

Non-borrowing spouses under 62 have HUD protections that may let them stay in the home. Verify terms before closing.

Reverse Mortgages in Del Rey Oaks, CA