Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title to the home. The lender places a lien, but you remain the owner as long as you live there.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Your heirs can sell the home, repay the loan, or refinance. They keep any remaining equity.

Question 3

Will a reverse mortgage affect my Social Security or Medicare?

Accepted Answer

Generally no. Reverse mortgage proceeds are not taxable income. Consult a tax advisor for your specific situation.

Question 4

How much can I borrow against my Beaumont home?

Accepted Answer

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

Question 5

Is HUD counseling really required?

Accepted Answer

Yes. Federal law requires independent HUD-approved counseling before you can close a HECM. It protects you and is non-negotiable.

Question 6

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

Accepted Answer

Yes, if your equity is sufficient. The reverse mortgage pays off the existing balance first. Remaining proceeds go to you.

Reverse Mortgages in Beaumont, CA — Turn Equity Into Income