Question 1

Do I give up ownership of my home with a reverse mortgage?

Accepted Answer

No. 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 as long as it remains your primary residence. The loan doesn't have a set payoff date.

Question 3

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

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. Remaining equity becomes your available funds.

Question 4

Is HUD counseling really required in Lathrop?

Accepted Answer

Yes. It's a federal requirement for all HECM borrowers, regardless of where you live in California.

Question 5

How is the payout amount determined?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity get higher payouts. Rates vary by borrower profile and market conditions.

Question 6

What if my heirs want to keep the home after I pass?

Accepted Answer

They can pay off the reverse mortgage balance and keep the home. They typically have 12 months to arrange financing.

Reverse Mortgages in Lathrop, CA — Turn Equity Into Income