Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You retain title to the home. The lender places a lien, but ownership stays with you.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, repay the balance, or refinance to keep the property.

Question 3

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

Accepted Answer

Yes, if enough equity exists. The reverse mortgage proceeds must first pay off the existing loan balance.

Question 4

Is HUD counseling really required in California?

Accepted Answer

Yes. HUD-approved counseling is federally mandated before any HECM can close. It typically takes about 90 minutes.

Question 5

How is the loan amount determined?

Accepted Answer

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

Question 6

Can I receive funds as monthly payments instead of a lump sum?

Accepted Answer

Yes. HECM borrowers can choose a lump sum, monthly payments, a line of credit, or a combination of those options.

Reverse Mortgages in Yuba City, CA