Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and own the home. The loan becomes due when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can stay as long as the home is your primary residence and you meet obligations. The lender cannot force you out while you live there.

Question 3

Can I get a reverse mortgage on a condo in San Diego?

Accepted Answer

Yes, but the condo project must be FHA-approved for HECMs. Proprietary products have their own approval criteria.

Question 4

How much can I borrow with a reverse mortgage?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally access more proceeds.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes — for HECM loans it's mandatory before you can apply. It typically takes about an hour and can be done by phone.

Question 6

What if my home is worth more than the HECM limit?

Accepted Answer

A jumbo reverse mortgage may be the better fit. These proprietary products aren't FHA-backed but can access more of your equity.

Reverse Mortgages in San Diego: Turn Equity Into Income