Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title throughout the loan. The lender only gets repaid when you sell, move out, or pass away.

Question 2

What happens to my spouse if they're under 62?

Accepted Answer

Non-borrowing spouses can get protected status. Structure this correctly upfront — it's critical and easy to overlook.

Question 3

Can I get a reverse mortgage on a condo in Los Alamitos?

Accepted Answer

Yes, but the condo must be FHA-approved for a HECM. Some condos in Orange County aren't on the approved list.

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 if my home value is above the HECM loan limit?

Accepted Answer

A proprietary jumbo reverse mortgage may get you more. We have access to lenders offering those products in Orange County.

Question 6

Do I have to pay property taxes and insurance?

Accepted Answer

Yes — that's non-negotiable. Falling behind on taxes or insurance can trigger default on a reverse mortgage.

Reverse Mortgages in Los Alamitos, CA