Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You stay 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

You can stay in the home as long as you meet loan obligations. The balance grows over time, but you won't owe more than the home's value.

Question 3

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

Accepted Answer

Yes, but the condo project must be FHA-approved. Not all Oxnard condo communities qualify, so verify early.

Question 4

How much can I borrow with a reverse mortgage?

Accepted Answer

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

Question 5

Is reverse mortgage income taxable?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. They are generally not subject to federal income tax.

Question 6

What is the HECM counseling requirement?

Accepted Answer

HUD requires a session with an approved housing counselor before you can close. It costs around $125 and can be done by phone.

Reverse Mortgages in Oxnard, CA — Turn Equity Into Income