Question 1

Do I lose 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 in the home as long as it's your primary residence. The loan doesn't come due just because time passes.

Question 3

Can I get a reverse mortgage on a Santa Barbara condo?

Accepted Answer

Yes, but the condo must be FHA-approved. Many Santa Barbara condo developments qualify — we can check your building.

Question 4

How much can I borrow with a reverse mortgage?

Accepted Answer

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

Question 5

Is HUD counseling required before I apply?

Accepted Answer

Yes. All HECM borrowers must complete HUD-approved counseling first. It typically takes about an hour and can be done by phone.

Question 6

What if my home value is above the HECM loan limit?

Accepted Answer

A jumbo reverse mortgage may be a better fit. These private products have higher limits and are common for Santa Barbara buyers.

Reverse Mortgages in Santa Barbara, CA