Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You retain title and ownership. The lender places a lien on the property, just like a regular mortgage.

Question 2

When does the reverse mortgage have to be repaid?

Accepted Answer

Repayment is due when you sell, move out, or pass away. Heirs can repay the loan and keep the home.

Question 3

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

Accepted Answer

Yes, if you have enough equity. The existing mortgage gets paid off first using the reverse mortgage proceeds.

Question 4

Is reverse mortgage income taxable?

Accepted Answer

The proceeds are not taxed as income — they're a loan advance. Consult a tax advisor for your specific situation.

Question 5

What happens to my heirs when I pass away?

Accepted Answer

Heirs have options. They can sell the home, repay the loan and keep it, or walk away with no personal liability.

Question 6

Is HUD counseling really required?

Accepted Answer

Yes. Every HECM requires independent HUD-approved counseling before you can apply. It's not optional.

Reverse Mortgages in Thousand Oaks, CA