Question 1

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

Accepted Answer

No. You stay on title. The lender places a lien on the property, same as any other mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home or refinance to pay it off and keep any remaining equity.

Question 3

Can my non-borrowing spouse stay in the home?

Accepted Answer

Yes, if properly designated before closing. This is a critical step many borrowers overlook — get it documented.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. It's federal law. You'll complete a session with an approved counselor before any application moves forward.

Question 5

How much can I borrow against my La Quinta home?

Accepted Answer

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

Question 6

Can I use a reverse mortgage on a condo in La Quinta?

Accepted Answer

Sometimes. FHA-approved condo projects qualify for HECMs. Many La Quinta HOA communities need project approval first.

Reverse Mortgages in La Quinta for Homeowners 62+