Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. 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 the home is your primary residence and you keep up taxes and insurance. The lender cannot force you out.

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 property deteriorate. Those obligations don't go away.

Question 4

How much can a Santa Maria homeowner borrow?

Accepted Answer

It depends on your age, appraised value, and current rates. Older borrowers with more equity generally qualify for more.

Question 5

Is the money from a reverse mortgage taxable?

Accepted Answer

Loan proceeds are generally not considered taxable income. Consult your tax advisor for your specific situation.

Question 6

What is the HUD counseling requirement?

Accepted Answer

It's a mandatory session with an approved housing counselor. It covers your obligations, alternatives, and total loan costs.

Reverse Mortgages in Santa Maria, CA