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 on the property, repaid when you sell or no longer live there.

Question 2

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes, but the existing mortgage must be paid off at closing. The reverse mortgage proceeds can cover it.

Question 3

What happens to my heirs when I pass away?

Accepted Answer

They can sell the home to repay the loan or refinance into a traditional mortgage to keep it.

Question 4

How is the HECM loan limit set in San Bernardino County?

Accepted Answer

FHA sets a national HECM limit annually. Your borrowing amount also depends on your age, home value, and current rates.

Question 5

Is the reverse mortgage counseling session mandatory?

Accepted Answer

Yes. HUD requires it before any HECM closes. It must be done through a HUD-approved counseling agency.

Question 6

What are the biggest costs to watch for?

Accepted Answer

Upfront mortgage insurance, origination fees, and closing costs add up fast. Get a loan estimate and compare lenders.

Reverse Mortgages in Highland, CA — Turn Equity Into Income