Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title and own the home. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

With an HECM, you can't be forced out as long as you live there and maintain the home. The loan doesn't expire.

Question 3

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

Accepted Answer

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

Question 4

Is the cash I receive taxable income?

Accepted Answer

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

Question 5

What is HUD counseling and do I have to do it?

Accepted Answer

It's a required session with a HUD-approved housing counselor. You must complete it before your loan can close.

Question 6

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

Accepted Answer

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

Reverse Mortgages in Porterville, CA — Turn Equity Into Income