Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The loan comes due when you sell, move out, or pass away.

Question 2

What happens if my spouse is under 62?

Accepted Answer

A non-borrowing spouse has protections under FHA rules. They can stay in the home after the borrowing spouse passes, but cannot draw additional funds.

Question 3

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes — if you fail to pay property taxes or homeowners insurance. Staying current on those is required.

Question 4

Is reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not taxable. Consult your tax advisor for your specific situation.

Question 5

How much can I borrow against my Anaheim home?

Accepted Answer

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

Question 6

What is HUD counseling and is it required?

Accepted Answer

It's a mandatory session with a HUD-approved housing counselor. It covers costs, risks, and alternatives before you can proceed with a HECM.

Reverse Mortgages in Anaheim — Turn Equity Into Income