Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, but you remain the homeowner as long as you meet loan obligations.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can sell the home, refinance, or repay the balance. FHA-insured loans cap repayment at the home's value.

Question 3

Can my spouse be protected if they're under 62?

Accepted Answer

Yes, under HUD rules, eligible non-borrowing spouses have specific protections. Structure this correctly at origination — it matters.

Question 4

How much equity can I access in Sonoma?

Accepted Answer

It depends on your age, the home's appraised value, and current interest rates. Older borrowers and higher-value homes yield more. Rates vary by borrower profile and market conditions.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, always. It's a federal requirement for HECM loans. Budget about an hour and a small fee — it protects you.

Question 6

Can I use the funds for anything?

Accepted Answer

Yes. Most borrowers use proceeds for living expenses, healthcare, or home repairs. There are no restrictions on how you spend the funds.

Reverse Mortgages in Sonoma, CA — Turn Equity Into Income