Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. Title stays in your name. The lender places a lien, just like a regular mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can sell the home or refinance to pay off the balance.

Question 3

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

Accepted Answer

Only if the condo project has FHA approval. Check HUD's condo approval database first.

Question 4

How much can I borrow against my home?

Accepted Answer

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

Question 5

What if my home is already paid off?

Accepted Answer

That's the ideal setup. All proceeds go to you with no mortgage payoff eating into your funds.

Question 6

Is reverse mortgage income taxable?

Accepted Answer

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

Reverse Mortgages in Santa Cruz, CA