Question 1

Does the bank own my home with a reverse mortgage?

Accepted Answer

No. You keep the title. The lender places a lien, just like a regular mortgage.

Question 2

What happens to my spouse if they're under 62?

Accepted Answer

They may qualify as an eligible non-borrowing spouse. This protects them from displacement if you pass away.

Question 3

Do I still pay property taxes and insurance?

Accepted Answer

Yes. You're required to stay current on taxes, insurance, and home maintenance. Failure to do so can trigger default.

Question 4

How much can I borrow with a reverse mortgage in Port Hueneme?

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 HUD counseling really required?

Accepted Answer

Yes, and it's a good thing. An independent HUD-approved counselor walks you through the loan before you commit to anything.

Question 6

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. Remaining proceeds are yours to use.

Reverse Mortgages in Port Hueneme, CA