Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title and ownership. The loan becomes due when you sell, move out, or pass away.

Question 2

What happens to my heirs when I pass?

Accepted Answer

Heirs can repay the loan and keep the home, or sell it. Any equity remaining after repayment goes to them.

Question 3

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

Accepted Answer

Yes, but the existing mortgage must be paid off first. Proceeds from the reverse mortgage can do that.

Question 4

How do I receive the money from a reverse mortgage?

Accepted Answer

You choose — lump sum, monthly payments, a line of credit, or a combination. Each option has different rate structures.

Question 5

What disqualifies someone from a reverse mortgage in Morgan Hill?

Accepted Answer

Being under 62, insufficient equity, or failing the financial assessment. Non-primary residences don't qualify.

Question 6

Is reverse mortgage interest tax deductible?

Accepted Answer

Not until the loan is repaid. Consult a tax advisor — this is a nuance most borrowers miss upfront.

Reverse Mortgages in Morgan Hill, CA