Question 1

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

Accepted Answer

No. You keep the title. The lender places a lien, just like any other mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

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

Question 3

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

Accepted Answer

Yes, but the condo project must be FHA-approved. Not all Rocklin condos qualify — we check this upfront.

Question 4

Is there a minimum credit score required?

Accepted Answer

There's no hard credit score minimum for HECMs. Lenders do a financial assessment to confirm you can cover taxes and insurance.

Question 5

What does HUD counseling involve?

Accepted Answer

It's a required session with a HUD-approved counselor. They walk you through costs, risks, and alternatives before you proceed.

Question 6

Are reverse mortgage proceeds taxable?

Accepted Answer

Generally no — loan proceeds aren't income. Consult a tax advisor for your specific situation.

Reverse Mortgages in Rocklin — Turn Equity Into Income