Question 1

Can the bank take my West Sacramento home?

Accepted Answer

Not as long as you live there and keep up taxes, insurance, and maintenance. The loan only becomes due when you move out or pass away.

Question 2

What happens to my heirs when I pass?

Accepted Answer

Heirs can sell the home to repay the loan or refinance it. They keep any equity left after the balance is settled.

Question 3

Do I need income to qualify for a reverse mortgage?

Accepted Answer

Lenders do a financial assessment, but there's no income minimum like a traditional loan. Equity and age are the primary drivers.

Question 4

Can I get a reverse mortgage if I still owe on my home?

Accepted Answer

Yes, but the existing mortgage must be paid off first — often using the reverse mortgage proceeds. Remaining equity is then yours to access.

Question 5

How does the counseling requirement work in Yolo County?

Accepted Answer

You must complete a session with a HUD-approved housing counselor before closing. Sessions are available by phone or in person.

Question 6

Is a reverse mortgage taxable income?

Accepted Answer

Generally no — loan proceeds are not considered taxable income. Always confirm with a tax advisor for your specific situation.

Reverse Mortgages in West Sacramento for Homeowners 62+