Question 1

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

Accepted Answer

No. You remain on the title. The lender places a lien, but you own the home as long as you live there and meet loan obligations.

Question 2

What happens when I pass away or move out?

Accepted Answer

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

Question 3

Can my spouse stay if I pass away first?

Accepted Answer

Yes, if they are a co-borrower or a qualifying non-borrowing spouse. Get this structured correctly at origination — it matters.

Question 4

Is the cash I receive taxable income?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor for your specific situation.

Question 5

What are my obligations while I have the loan?

Accepted Answer

You must pay property taxes, homeowners insurance, and maintain the home. Falling behind on these can trigger default.

Question 6

How much can I borrow in Garden Grove?

Accepted Answer

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

Reverse Mortgages in Garden Grove, CA