Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You keep title to your home. The lender places a lien, but you own it as long as you live there and meet loan obligations.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Your heirs can sell the home, refinance it, or pay off the balance to keep it.

Question 3

Can I get a reverse mortgage on a Leisure World condo?

Accepted Answer

Only if the condo project has FHA approval. We check this upfront — many Leisure World units qualify, but not all.

Question 4

Is reverse mortgage income taxable?

Accepted Answer

No. Proceeds are loan advances, not income. They generally don't affect Social Security, but can impact Medi-Cal — check with an advisor.

Question 5

What if my spouse is under 62?

Accepted Answer

They can be a non-borrowing spouse with specific protections. They may stay in the home after you pass, but cannot draw additional funds.

Question 6

How much equity can I access in Seal Beach?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity typically access a larger percentage. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Seal Beach, CA