Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title. The lender places a lien, but you own the home as long as you live there and meet the loan terms.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, refinance it, or repay the balance — they keep any remaining equity.

Question 3

Can I get a reverse mortgage on a condo in Benicia?

Accepted Answer

Sometimes. FHA-approved condo projects qualify for HECMs. Non-approved condos may have options through private lenders.

Question 4

How much can I borrow?

Accepted Answer

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

Question 5

Is reverse mortgage income taxable?

Accepted Answer

No. Proceeds are loan advances, not income. Consult a tax advisor to confirm how this fits your overall financial picture.

Question 6

What if my home is worth more than FHA limits?

Accepted Answer

Private jumbo reverse mortgages cover higher-value homes. We can show you both options side by side.

Reverse Mortgages in Benicia, CA — Turn Equity Into Income