Question 1

Can I lose my Newport Beach home with a reverse mortgage?

Accepted Answer

Yes, if you stop living there, fail to pay taxes, or let the insurance lapse. Stay current on those obligations and the loan stays intact.

Question 2

What happens to my heirs when I pass away?

Accepted Answer

Heirs can repay the loan and keep the home, or sell it and keep any remaining equity. They are not personally liable for the balance.

Question 3

Does my income or credit score affect eligibility?

Accepted Answer

Lenders do a financial assessment, but it's less strict than a traditional loan. The home's equity is the primary qualifier here.

Question 4

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

Accepted Answer

Yes, but the condo project must be FHA-approved for a HECM. Jumbo reverse products may have different condo requirements.

Question 5

How is the loan amount determined?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers and higher home values generally mean more available funds. Rates vary by borrower profile and market conditions.

Question 6

Is the money I receive taxable?

Accepted Answer

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

Reverse Mortgages in Newport Beach, CA