Question 1

Do I lose ownership of my Chino home?

Accepted Answer

No. You remain on title. The lender places a lien, but you own the home as long as you live there and meet loan obligations.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can sell the home, refinance to pay it off, or walk away — the FHA insurance covers any shortfall.

Question 3

Can I use a reverse mortgage to buy a home?

Accepted Answer

Yes. A HECM for Purchase lets buyers 62+ buy a new primary home with a large down payment and no monthly mortgage payments.

Question 4

How much can I borrow against my Chino home?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with higher-value homes access the most. Rates vary by borrower profile and market conditions.

Question 5

Is the mandatory counseling session a real requirement?

Accepted Answer

Yes — HUD requires it before any HECM closes. It typically takes about an hour and covers your rights, costs, and alternatives.

Question 6

Are reverse mortgage proceeds taxable income?

Accepted Answer

Generally no. The IRS treats them as loan advances, not income. Consult a tax advisor for your specific situation.

Reverse Mortgages in Chino, CA — Turn Equity Into Income