Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. 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. Heirs can sell the home or refinance to pay off the balance and keep the property.

Question 3

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

Accepted Answer

Yes. The reverse mortgage pays off your existing loan first. Remaining proceeds go to you.

Question 4

Is HUD counseling really required in California?

Accepted Answer

Yes, always. You must complete a HUD-approved counseling session before any lender can process your application.

Question 5

How much can I borrow with a reverse mortgage in Loma Linda?

Accepted Answer

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

Question 6

Can my spouse stay if I pass away first?

Accepted Answer

Yes, if your spouse is listed as a co-borrower or eligible non-borrowing spouse. They can remain in the home.

Reverse Mortgages in Loma Linda: Turn Equity Into Income