Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You retain title. The lender places a lien, repaid when you sell, move out, or pass away.

Question 2

What happens to my heirs when I pass?

Accepted Answer

Heirs can sell the home to repay the loan or refinance it. They keep any equity that remains.

Question 3

Can I get a reverse mortgage on a Laguna Beach condo?

Accepted Answer

Yes, if it's FHA-approved or qualifies under proprietary guidelines. Many Laguna Beach condos meet that bar.

Question 4

How much can I borrow?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity get larger payouts.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes. It's mandatory before any HECM closes. It typically costs under $200 and takes about 90 minutes.

Question 6

Can I use a reverse mortgage to buy a new home?

Accepted Answer

Yes. A HECM for Purchase lets you buy a primary residence without monthly mortgage payments. You need a significant down payment.

Reverse Mortgages in Laguna Beach: Turn Equity Into Income