Question 1

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

Accepted Answer

No. You stay on title and own the home. The lender places a lien, just like a regular mortgage.

Question 2

What happens to my heirs when I pass away?

Accepted Answer

Your heirs can sell the home to repay the loan or refinance it. Any remaining equity belongs to them.

Question 3

Can I get a reverse mortgage if I still have a balance on my home?

Accepted Answer

Yes, if the equity is sufficient. The reverse mortgage pays off your existing loan at closing.

Question 4

What are the tax implications of reverse mortgage proceeds?

Accepted Answer

Proceeds are loan advances — not income. They're generally not taxable. Consult a tax advisor for your situation.

Question 5

Is HUD counseling really required before I apply?

Accepted Answer

Yes, it's mandatory for HECM loans. It's a one-time session with an independent HUD-approved counselor.

Question 6

How much can I borrow against my Ceres home?

Accepted Answer

It depends on your age, appraised value, and current interest rates. Older borrowers with more equity qualify for higher amounts. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Ceres, CA — Turn Equity Into Income