Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You remain on title. The lender places a lien on the property, just like a regular mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, pay off the loan, or refinance to keep it.

Question 3

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

Accepted Answer

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

Question 4

Is HUD counseling really required?

Accepted Answer

Yes. It's a federal requirement, not optional. You must complete it with an approved counselor before closing.

Question 5

How do I receive the money from a reverse mortgage?

Accepted Answer

You can take a lump sum, monthly payments, a line of credit, or a combination of all three.

Reverse Mortgages in Victorville: Turn Equity Into Income