Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien on the property, repaid when you sell, move out, or pass away.

Question 2

What happens to my heirs when I pass?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it into their own name. They keep any remaining equity.

Question 3

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

Accepted Answer

Yes — but the reverse mortgage must pay off the existing loan first. Remaining proceeds are yours to use.

Question 4

How do I receive the funds?

Accepted Answer

You choose: lump sum, monthly payments, a line of credit, or a combination. Each option fits different income needs.

Question 5

What disqualifies a home in La Palma from a reverse mortgage?

Accepted Answer

Condos must be FHA-approved. Homes with deferred maintenance may require repairs before closing.

Question 6

Is reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They're generally not taxable — but consult your tax advisor.

Reverse Mortgages in La Palma, CA — Turn Equity Into Income