Question 1

Do I have to sell my Ojai home to get a reverse mortgage?

Accepted Answer

No. You keep the title and stay in the home. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens to the loan when I die?

Accepted Answer

Your heirs can sell the home to repay the balance or refinance into a traditional mortgage to keep it.

Question 3

Can I still leave my home to my children?

Accepted Answer

Yes, but the reverse mortgage balance must be paid off first. Whatever equity remains passes to your heirs.

Question 4

Will my Ojai home qualify if it needs repairs?

Accepted Answer

It depends on severity. FHA has minimum property standards. Some repairs can be addressed through a repair set-aside at closing.

Question 5

How much can I borrow against my Ojai home?

Accepted Answer

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

Question 6

Is the cash I receive from a reverse mortgage taxable?

Accepted Answer

Generally no — it's loan proceeds, not income. Consult a tax advisor to confirm how it applies to your situation.

Reverse Mortgages in Ojai, CA — Turn Equity Into Income