Question 1

What happens to my home when I pass away?

Accepted Answer

Your heirs can sell the home and keep any remaining equity. They can also pay off the loan and keep the property.

Question 2

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. Your name stays on the title. The lender places a lien, not ownership.

Question 3

Can I get a reverse mortgage if I still have a balance on my current mortgage?

Accepted Answer

Yes. The reverse mortgage pays off your existing loan at closing. You just can't carry a balance beyond what you qualify for.

Question 4

How is the loan amount determined?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity generally qualify for more.

Question 5

What if I want to move out of my San Buenaventura home?

Accepted Answer

The loan becomes due when you permanently leave. You or your heirs sell the home and repay the balance.

Question 6

Is HUD counseling really required?

Accepted Answer

Yes — it's required before any HECM closes. It's a one-time session and protects you, not the lender.

Reverse Mortgages in San Buenaventura, CA