Question 1

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

Accepted Answer

No. You stay in your home. The loan only comes due when you sell, move out, or pass away.

Question 2

Can my spouse be protected if they're under 62?

Accepted Answer

Yes, under HUD rules a non-borrowing spouse may stay in the home. Get this reviewed carefully before closing.

Question 3

How is the loan amount determined in Davis?

Accepted Answer

It depends on your age, current interest rates, and your home's appraised value. Older borrowers typically qualify for more.

Question 4

What happens if I outlive the loan?

Accepted Answer

You don't. A HECM stays in place as long as you live there and meet the loan obligations. There's no expiration date.

Question 5

Are reverse mortgage proceeds taxable?

Accepted Answer

Generally no — loan proceeds are not considered income. Consult a tax advisor for your specific situation.

Question 6

Is HUD counseling required in California?

Accepted Answer

Yes. All HECM borrowers must complete HUD-approved counseling before the loan can proceed. It typically takes about an hour.

Reverse Mortgages in Davis, CA — Turn Equity Into Income