Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and keep ownership. The lender places a lien, just like a regular mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Your heirs can sell the home, repay the balance, or refinance to keep it.

Question 3

How much can I borrow with a HECM in Vallejo?

Accepted Answer

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

Question 4

Is HUD counseling really required?

Accepted Answer

Yes, it's mandatory for all HECM borrowers. It's a good thing — it ensures you fully understand the terms before signing.

Question 5

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

Accepted Answer

Yes, but the reverse mortgage must first pay off your existing loan. You'll only receive remaining equity after that payoff.

Question 6

Are reverse mortgage proceeds taxable income?

Accepted Answer

Generally no — the IRS treats them as loan proceeds, not income. Consult a tax advisor for your specific situation.

Reverse Mortgages in Vallejo, CA — Turn Equity Into Cash