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

Nothing. You stay in the home as long as it's your primary residence and you cover taxes and insurance.

Question 3

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

Accepted Answer

Yes. The reverse mortgage pays off your existing loan first. Remaining equity becomes your available funds.

Question 4

How does my home value affect the loan amount?

Accepted Answer

Higher appraised value means more equity available. Rural appraisals in Mount Shasta can vary — that directly impacts your proceeds.

Question 5

Is reverse mortgage income taxable?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. They're generally tax-free — confirm with your tax advisor.

Question 6

What if I want to leave the home to my kids?

Accepted Answer

Heirs can repay the loan balance and keep the home. Or they sell, repay the loan, and keep any remaining equity.

Reverse Mortgages in Mount Shasta — Turn Equity Into Income