Question 1

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

Accepted Answer

No. You keep the title. The lender places a lien on the property, just like any other mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can repay the balance and keep the home, or sell and pocket remaining equity.

Question 3

Can I get a reverse mortgage on a condo in Brea?

Accepted Answer

Yes, but the condo must meet FHA approval requirements for HECM loans. Proprietary products have different rules.

Question 4

How much can I borrow with a reverse mortgage?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity generally qualify for more.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, always. It's mandatory for HECM loans. It takes about an hour and must happen before you apply.

Question 6

Are reverse mortgage proceeds taxable?

Accepted Answer

Generally no — loan proceeds aren't income. But consult a tax advisor for your specific situation.

Reverse Mortgages in Brea, CA — Turn Equity Into Income