Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You stay on title and own the home. The lender places a lien, just like any other mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can repay it and keep the home, or sell the home to settle the balance.

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 at closing. Often the reverse mortgage proceeds cover it.

Question 4

Is reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They're generally not taxable — but ask your tax advisor.

Question 5

What's the HUD counseling requirement?

Accepted Answer

You must complete a session with an approved HUD counselor before closing. It usually takes about an hour by phone.

Question 6

How much can I borrow against my Yreka home?

Accepted Answer

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

Reverse Mortgages in Yreka, CA — Turn Equity Into Income