Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, but ownership stays with you.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, refinance it, or repay the balance to keep it.

Question 3

Can I get a reverse mortgage if I still have a balance on my loan?

Accepted Answer

Yes, if the equity is sufficient. The reverse mortgage pays off your existing loan first, then the rest is yours.

Question 4

How much can I borrow with a reverse mortgage in Placentia?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity typically qualify for more. Rates vary by borrower profile and market conditions.

Question 5

Is a reverse mortgage taxable income?

Accepted Answer

Loan proceeds are not taxed as income. Talk to a tax advisor about your specific situation.

Question 6

What if I outlive the loan or home value drops?

Accepted Answer

HECM loans are non-recourse. You or your heirs never owe more than the home's value at repayment.

Reverse Mortgages in Placentia, CA