Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes, you keep the title. The lender places a lien on the property, repaid when you sell, move out, or pass away.

Question 2

What happens to my heirs when I pass away?

Accepted Answer

Heirs can repay the loan and keep the home. They can also sell the home and keep any remaining equity after payoff.

Question 3

Can I be forced out of my Gonzales home?

Accepted Answer

Not as long as you live there, keep taxes and insurance current, and maintain the property. Those conditions matter.

Question 4

How is the loan amount determined?

Accepted Answer

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

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, every HECM borrower must complete it with an approved counselor. It's designed to make sure you fully understand the loan.

Question 6

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

Accepted Answer

Yes, but the existing balance must be paid off first — often using proceeds from the reverse mortgage itself.

Reverse Mortgages in Gonzales, CA — Turn Equity Into Income