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, repaid when you sell or move out.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can stay as long as it's your primary residence and you meet obligations like taxes and insurance.

Question 3

Can my heirs keep the home after I pass?

Accepted Answer

Yes. They can repay the loan balance and keep the property. They typically have 12 months to do so.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, for every HECM. It's mandatory before you apply. It protects you — take it seriously.

Question 5

How is the loan amount determined?

Accepted Answer

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

Question 6

Can both spouses be on a reverse mortgage?

Accepted Answer

Yes, and both should be. Non-borrowing spouses face risks if only one is listed on the loan.

Reverse Mortgages in Cypress, CA — Turn Equity Into Income