Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on 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. Heirs can sell the home, repay the balance, or refinance to keep it.

Question 3

Can I get a reverse mortgage with an existing mortgage?

Accepted Answer

Yes. The reverse mortgage must pay off your current loan first. Remaining equity becomes your available funds.

Question 4

Is the money I receive taxable income?

Accepted Answer

Generally no. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor to confirm your situation.

Question 5

What is HUD counseling and is it required?

Accepted Answer

It's a required session with an independent HUD-approved counselor. They review costs, risks, and alternatives before you commit.

Question 6

How much can I borrow in Waterford?

Accepted Answer

It depends on your age, home 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 Waterford, CA