Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

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

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Your heirs can sell the home, repay the loan, or refinance to keep the property.

Question 3

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

Accepted Answer

Yes, but the existing mortgage must be paid off — typically using reverse mortgage proceeds at closing.

Question 4

Is a reverse mortgage income taxable?

Accepted Answer

The cash you receive is generally not taxable income. Consult a tax advisor for your specific situation.

Question 5

How much can I borrow with a reverse mortgage in Wheatland?

Accepted Answer

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

Question 6

What if I outlive the loan or the home loses value?

Accepted Answer

HECM loans are non-recourse. You or your heirs never owe more than the home's value at the time of sale.

Reverse Mortgages in Wheatland, CA — Turn Equity Into Cash