Question 1

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

Accepted Answer

No. You remain on title and own the home. The lender places a lien — same as any 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 balance, or refinance into a conventional loan.

Question 3

Can my spouse stay if they're under 62?

Accepted Answer

A non-borrowing spouse under 62 may qualify for deferral protections under HECM rules. Ask us about current guidelines before applying.

Question 4

How much can I borrow on my Santee home?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity access the most funds. Rates vary by borrower profile and market conditions.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes — it's mandatory for HECM loans. It's a one-time session with an approved counselor. Budget about an hour.

Question 6

Can I use the funds however I want?

Accepted Answer

Yes. Proceeds are unrestricted. Santee borrowers commonly use them for healthcare, home repairs, or supplementing retirement income.

Reverse Mortgages in Santee — Turn Equity Into Income