Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title as the owner. The lender places a lien, which is repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

You can stay as long as it remains your primary home and you keep up taxes, insurance, and basic maintenance. The loan doesn't come due until you leave.

Question 3

Can my heirs keep the home after I pass?

Accepted Answer

Yes. Heirs can pay off the reverse mortgage balance and keep the property. They typically have 12 months to arrange financing or sell.

Question 4

Does a reverse mortgage affect Social Security or Medicare?

Accepted Answer

Generally no. Reverse mortgage proceeds are not considered income. However, Medicaid eligibility can be affected — consult an advisor.

Question 5

Is Corning property eligible for a HECM reverse mortgage?

Accepted Answer

Most single-family homes qualify. Manufactured homes may qualify with FHA approval. Condos must meet FHA guidelines to be eligible.

Question 6

How much can I borrow with a reverse mortgage in Corning?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with higher-value homes generally qualify for more. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Corning, CA — Turn Equity Into Income