Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens to my spouse if they're under 62?

Accepted Answer

Non-borrowing spouses need specific protections written into the loan. Ask about eligible non-borrowing spouse rules before you close.

Question 3

Can I get a reverse mortgage on a manufactured home in Dixon?

Accepted Answer

Some manufactured homes qualify under HECM guidelines. The home must meet FHA standards and be on a permanent foundation.

Question 4

What are my options for receiving the funds?

Accepted Answer

You can take a lump sum, a line of credit, fixed monthly payments, or a combination. Each option has different rate structures.

Question 5

Is reverse mortgage interest tax deductible?

Accepted Answer

Interest accrues but isn't deductible until the loan is repaid. Talk to your CPA before assuming a tax benefit.

Question 6

How much of my equity can I access in Dixon?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity generally access a higher percentage. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Dixon, CA — Turn Equity Into Income