Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, but you remain the owner as long as you live there and meet loan terms.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Your heirs can sell the home, refinance, or pay off the balance to keep it.

Question 3

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you fail to pay property taxes, homeowners insurance, or let the home fall into disrepair. Stay current on those obligations.

Question 4

How much can I borrow in Lompoc?

Accepted Answer

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

Question 5

Is HUD counseling really required?

Accepted Answer

Yes. It's a federal requirement before any HECM closes. A HUD-approved counselor reviews your options and confirms you understand the terms.

Question 6

Can I get a reverse mortgage on a condo in Lompoc?

Accepted Answer

Sometimes. FHA-approved condo projects qualify for HECMs. Non-approved condos may still work under a jumbo reverse program.

Reverse Mortgages in Lompoc, CA