Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. 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 or refinance to pay it off.

Question 3

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

Accepted Answer

Yes. The reverse mortgage proceeds pay off the existing loan first. You keep the remainder.

Question 4

Is HUD counseling really required in California?

Accepted Answer

Yes. Federal law requires it. It takes about an hour and costs around $125.

Question 5

How much can a Modesto homeowner typically borrow?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity access more funds.

Question 6

Can I outlive a reverse mortgage?

Accepted Answer

No. The loan has no term. You can stay as long as you live there, pay taxes, and maintain the home.

Reverse Mortgages in Modesto — Turn Equity Into Income