Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien — just like a regular mortgage.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Your heirs can sell the home, repay the loan, or refinance to keep it.

Question 3

Can I get a reverse mortgage on a condo in Moorpark?

Accepted Answer

Yes, but the condo must be FHA-approved. We can check approval status before you apply.

Question 4

Is the money I receive taxable income?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. Consult a tax advisor for your situation.

Question 5

What if my spouse is under 62?

Accepted Answer

A younger spouse can be a non-borrowing spouse. Rules apply — this affects how long they can stay after you pass.

Question 6

How much can I borrow with a reverse mortgage?

Accepted Answer

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

Reverse Mortgages in Moorpark, CA