Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, but you own the home as long as you live there and maintain it.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can sell the home, pay off the loan, or refinance it into a traditional mortgage.

Question 3

Is the cash I receive taxable?

Accepted Answer

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

Question 4

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you stop paying property taxes, homeowner's insurance, or let the home fall into disrepair. These obligations remain.

Question 5

How much can I borrow in Greenfield?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity access a higher percentage.

Question 6

Can I use a reverse mortgage to buy a home?

Accepted Answer

Yes. HECM for Purchase lets eligible buyers acquire a new primary residence using reverse mortgage funds. No monthly payments required.

Reverse Mortgages in Greenfield, CA — Turn Equity Into Income