Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes — if you fail to pay taxes, insurance, or maintain the home, the loan can become due. Staying current on those obligations is non-negotiable.

Question 2

Does the bank own my home?

Accepted Answer

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

Question 3

What happens when I pass away or move out?

Accepted Answer

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

Question 4

Do Seaside condos qualify for reverse mortgages?

Accepted Answer

Some do, some don't. The condo project must be FHA-approved. We check this before you go through any paperwork.

Question 5

Is reverse mortgage income taxable?

Accepted Answer

No. Proceeds are loan advances, not income. But consult a tax advisor for your specific situation.

Question 6

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

Accepted Answer

Yes, if your equity is sufficient. The reverse mortgage pays off the existing balance first, then you access the rest.

Reverse Mortgages in Seaside, CA — Turn Equity Into Income