Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title and ownership. 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 sell the home, repay the balance, or refinance to keep it.

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 pays off your existing loan first.

Question 4

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

Accepted Answer

It depends on your age, home value, and current interest rates. Rates vary by borrower profile and market conditions.

Question 5

Is reverse mortgage income taxable in California?

Accepted Answer

Loan proceeds are generally not taxable. Consult a tax advisor for your specific situation.

Question 6

How long does a reverse mortgage take to close?

Accepted Answer

Typically 30–45 days. The required HUD counseling must happen before the process can move forward.

Reverse Mortgages in Cotati, CA — Turn Equity Into Income