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 my spouse is under 62?

Accepted Answer

A non-borrowing spouse can be listed as an eligible spouse. They may stay in the home if you pass away first.

Question 3

Can I lose my home with a reverse mortgage?

Accepted Answer

You can if you stop paying taxes, insurance, or let the home fall into disrepair. Stay current on those obligations.

Question 4

How much can I borrow against my Upland home?

Accepted Answer

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

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, it's mandatory. You must complete it before any HECM application can be processed. It typically takes about an hour.

Question 6

Can I receive the money as monthly payments instead of a lump sum?

Accepted Answer

Yes. You can choose a lump sum, monthly payments, a credit line, or a combination. Most borrowers pick the credit line.

Reverse Mortgages in Upland, CA — Turn Equity Into Income