Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title to the home. The lender places a lien, just like any other mortgage.

Question 2

What happens when I pass away or move out?

Accepted Answer

The loan becomes due. Heirs can sell the home, pay off the balance, or refinance. They are never required to pay more than the home's value.

Question 3

Can my spouse stay if I pass away first?

Accepted Answer

If your spouse is also on the loan, yes. Eligible non-borrowing spouses have protections too — but the rules are strict. Ask us before closing.

Question 4

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

Accepted Answer

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

Question 5

Are reverse mortgage proceeds taxable?

Accepted Answer

No. Loan proceeds are not considered income. Talk to a tax advisor to confirm how it fits your specific situation.

Question 6

What if I already have a mortgage on my Camarillo home?

Accepted Answer

You can still qualify. The existing balance gets paid off at closing using reverse mortgage proceeds. You just need enough equity to cover it.

Reverse Mortgages in Camarillo, CA