Question 1

Can I lose my Fullerton home with a reverse mortgage?

Accepted Answer

You keep the home as long as you live there and pay taxes, insurance, and HOA dues. Default on those obligations and the loan can become due.

Question 2

What happens to the home when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it. Any remaining equity after repayment goes to them.

Question 3

Do I need income to qualify for a reverse mortgage?

Accepted Answer

There's no income minimum, but lenders verify you can cover ongoing costs like taxes and insurance. That's called a financial assessment.

Question 4

How much can I borrow against my Fullerton home?

Accepted Answer

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

Question 5

Is a reverse mortgage the same as selling my home?

Accepted Answer

No. You stay on title and keep ownership. The lender places a lien — not ownership — against the property.

Question 6

Do I have to pay taxes on the cash I receive?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not taxable — but confirm with your tax advisor.

Reverse Mortgages in Fullerton, CA