Question 1

Do I keep ownership of my home?

Accepted Answer

Yes. You retain title and ownership. The lender places a lien, just like a regular mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

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

Question 3

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

Accepted Answer

Yes, but existing mortgage debt gets paid off first. Remaining proceeds then go to you.

Question 4

How much can I borrow in Yorba Linda?

Accepted Answer

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

Question 5

Is the money I receive taxable?

Accepted Answer

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

Question 6

What if I outlive the loan or home value drops?

Accepted Answer

HECM loans are non-recourse. You'll never owe more than the home is worth at the time of sale.

Reverse Mortgages in Yorba Linda, CA