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 a regular mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

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

Question 3

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes, but your existing mortgage must be paid off. Reverse mortgage proceeds often cover that payoff.

Question 4

Is the cash I receive from a reverse mortgage taxable?

Accepted Answer

No. Loan proceeds are not considered income. Consult a tax advisor to confirm how it affects your specific situation.

Question 5

What is HUD counseling and is it mandatory?

Accepted Answer

It's a required session with a HUD-approved housing counselor. It covers loan terms, alternatives, and your rights as a borrower.

Question 6

Do Irvine condo owners qualify for reverse mortgages?

Accepted Answer

Sometimes. The condo project must meet FHA approval standards. We can check your specific building's eligibility quickly.

Reverse Mortgages in Irvine, CA