Question 1

Do I lose my home with a reverse mortgage?

Accepted Answer

No. You keep the title and stay in the home. The loan only comes due when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

Nothing bad. You stay in the home as long as it's your primary residence and you maintain it and pay property taxes.

Question 3

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

Accepted Answer

Yes, if the equity is sufficient. The reverse mortgage pays off the existing balance first, and you receive the remainder.

Question 4

Is the cash from a reverse mortgage taxable?

Accepted Answer

Generally no. It's loan proceeds, not income. Consult a tax advisor to confirm for your specific situation.

Question 5

What are my obligations as a reverse mortgage borrower?

Accepted Answer

You must live in the home, keep up with property taxes, insurance, and basic maintenance. Failing these can trigger default.

Question 6

How much can I borrow in Guadalupe?

Accepted Answer

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

Reverse Mortgages in Guadalupe, CA