Question 1

Do I have to pay back a reverse mortgage?

Accepted Answer

The loan is repaid when you sell, move out, or pass away. You or your heirs can repay it and keep the home.

Question 2

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes — if you stop paying taxes, insurance, or maintaining the property. Staying current on those is non-negotiable.

Question 3

Does a reverse mortgage affect my Social Security?

Accepted Answer

Generally no. Reverse mortgage proceeds are typically not considered income. Consult a tax advisor to confirm your situation.

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, for HECM loans it's mandatory before you can close. It's a one-time session with an approved counselor.

Question 5

What if my Goleta home is worth more than HECM limits?

Accepted Answer

A jumbo reverse mortgage may cover more of your equity. We can compare HECM and proprietary programs side by side.

Question 6

Can both spouses be on a reverse mortgage?

Accepted Answer

Yes. Both should be on the loan. A non-borrowing spouse may have protections, but being on the loan is the safer route.

Reverse Mortgages in Goleta, CA