Do you still own your home with a reverse mortgage?
Yes. You remain on title and continue to own the home exactly as before. The lender records a mortgage lien, the same as any other loan — it does not take ownership. You keep the right to live there, sell at any time, and leave the home to your heirs. Your obligations are to keep property taxes and homeowners insurance current, maintain the property, and keep it as your primary residence.
Yes. You remain on title and continue to own the home exactly as before. The lender records a mortgage lien, the same as any other loan — it does not take ownership. You keep the right to live there, sell at any time, and leave the home to your heirs. Your obligations are to keep property taxes and homeowners insurance current, maintain the property, and keep it as your primary residence.
Detailed answer
This is the single most persistent misunderstanding about reverse mortgages, and it is simply false. A HECM is a mortgage. Like every other mortgage, it creates a lien against the property while the owner keeps title. The deed stays in your name. Nobody at the bank gains any ownership interest, any right to occupy, or any say in what you do with the home. You can sell whenever you want, and any equity remaining after the balance is repaid belongs to you. What does change is the set of conditions that keep the loan in good standing. You must keep the home as your primary residence, pay property taxes and homeowners insurance on time, pay HOA dues where applicable, and maintain the property in reasonable condition. Falling behind on those obligations can put the loan into default, which is the same consequence a traditional mortgage carries. Nothing about ownership itself transfers.
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