Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title and stay on the deed. The lender places a lien, just like any other mortgage.

Question 2

What happens when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it into a conventional mortgage. Any remaining equity goes to the estate.

Question 3

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

Accepted Answer

Yes, if the remaining balance is low enough. The reverse mortgage pays it off at closing using your available equity.

Question 4

Will a reverse mortgage affect my Social Security or Medicare?

Accepted Answer

Generally no. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor to confirm your situation.

Question 5

Is a jumbo reverse mortgage right for my Villa Park home?

Accepted Answer

If your home is worth significantly more than $1,209,750, a jumbo product likely provides more access to equity than an FHA HECM.

Question 6

How long does a reverse mortgage take to close?

Accepted Answer

Typically 30 to 45 days. The required HUD counseling session must happen early — schedule it as soon as possible.

Reverse Mortgages in Villa Park, CA