Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You remain on title and own the home. The lender places a lien, but you keep ownership as long as you live there and meet loan obligations.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Your heirs can sell the home, refinance the balance, or pay it off another way. They keep any remaining equity.

Question 3

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

Accepted Answer

Yes, if you have enough equity. The reverse mortgage proceeds must first pay off your existing mortgage balance.

Question 4

How much can I borrow with a reverse mortgage in Fairfield?

Accepted Answer

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

Question 5

Is reverse mortgage income taxable?

Accepted Answer

Generally no. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor for your specific situation.

Question 6

What is the required counseling session?

Accepted Answer

HUD requires independent counseling before any HECM closes. A HUD-approved counselor reviews your options — it protects you and is non-negotiable.

Reverse Mortgages in Fairfield, CA — Turn Equity Into Income