Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

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

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Your heirs can repay it and keep the home, or sell the home to pay it off.

Question 3

Can I get a reverse mortgage on a Palm Springs condo?

Accepted Answer

Possibly. The condo project must be FHA-approved. We check this before you spend time on paperwork.

Question 4

Does my income affect reverse mortgage approval?

Accepted Answer

Lenders review income to confirm you can cover taxes and insurance. It's not a traditional income qualification.

Question 5

What is HUD counseling and is it required?

Accepted Answer

It's a required session with an independent HUD-approved counselor. It happens before you apply — not after.

Question 6

How much can I borrow with a reverse mortgage?

Accepted Answer

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

Reverse Mortgages in Palm Springs for Homeowners 62+