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, refinance, or pay off the balance to keep it.

Question 3

Can I get a reverse mortgage if I still have a mortgage?

Accepted Answer

Yes, but the existing mortgage must be paid off — usually from the reverse mortgage proceeds at closing.

Question 4

Is a reverse mortgage income taxable?

Accepted Answer

No. Proceeds are considered loan advances, not income. Consult a tax advisor for your specific situation.

Question 5

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

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity generally qualify for higher draws.

Question 6

What is HUD counseling and is it required?

Accepted Answer

It's a mandatory session with an approved housing counselor. You must complete it before your HECM application is processed.

Reverse Mortgages in Tustin, CA — Turn Equity Into Income