Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and own the home. The lender places a lien, just like a regular mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home or refinance to pay off the balance.

Question 3

Can I get a reverse mortgage on a condo in Stanton?

Accepted Answer

Yes, but the condo project must be FHA-approved. Not all Orange County condos qualify — check before assuming.

Question 4

How much can I borrow?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally access more funds.

Question 5

Is reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not taxable — but consult a tax advisor.

Question 6

What if I still have a mortgage balance?

Accepted Answer

You can still qualify. The reverse mortgage must first pay off your existing mortgage. Remaining proceeds go to you.

Reverse Mortgages in Stanton, CA — Turn Equity Into Income