Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can stay in the home as long as it's your primary residence. There's no loan term forcing you out.

Question 3

Can my spouse stay if I pass away first?

Accepted Answer

If your spouse is a co-borrower or eligible non-borrowing spouse, they can remain. Review this carefully before closing.

Question 4

Is the money I receive taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not taxable — confirm with your tax advisor.

Question 5

What if my home needs repairs?

Accepted Answer

FHA requires the property to meet minimum condition standards. Required repairs may need to happen before or at closing.

Question 6

How much can I borrow in Rialto?

Accepted Answer

It depends on your age, home value, and current interest rates. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Rialto, CA