Question 1

Can I lose my Montclair home with a reverse mortgage?

Accepted Answer

Yes, if you stop paying property taxes or insurance, the lender can call the loan due. Stay current on those obligations and you keep the home.

Question 2

What happens to the loan when I pass away?

Accepted Answer

Your heirs can repay the loan and keep the home, or sell it to settle the balance. Any remaining equity goes to them.

Question 3

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and own the property. The lender places a lien, but you keep ownership as long as you meet loan terms.

Question 4

Can I use reverse mortgage funds for any purpose?

Accepted Answer

Yes. Funds can cover living expenses, healthcare, home repairs, or anything else. There are no restrictions on how you use the proceeds.

Question 5

Is a reverse mortgage taxable income?

Accepted Answer

Loan proceeds are not considered income and are generally not taxable. Consult a tax advisor to confirm based on your situation.

Question 6

How much can I borrow with a HECM in Montclair?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity generally qualify for higher proceeds.

Reverse Mortgages in Montclair, CA — Turn Equity Into Income