Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title and ownership. The lender places a lien on the property, repaid when you sell, move out, or pass away.

Question 2

What happens if I outlive the loan?

Accepted Answer

The loan does not become due just from living long. It comes due when you permanently leave the home or no longer use it as your primary residence.

Question 3

Can I lose my home to a reverse mortgage?

Accepted Answer

You can default if you fail to pay property taxes, insurance, or maintain the home. Those obligations never go away with a reverse mortgage.

Question 4

How does a reverse mortgage affect my heirs?

Accepted Answer

Heirs can repay the loan and keep the home, or sell the home and keep remaining equity. They are never personally liable for the loan balance.

Question 5

Is reverse mortgage income taxable?

Accepted Answer

Reverse mortgage proceeds are loan advances, not income. They are generally not subject to federal income tax — confirm with your tax advisor.

Reverse Mortgages in Woodlake, CA