Do I Still Own My Home?

Ownership Stays With You

When you close a HECM reverse mortgage, the deed stays in your name — or in the names of the borrowers on title. The lender records a mortgage lien against the property, but ownership does not transfer. You are still the homeowner, just as you would be with a traditional forward mortgage on the books.

Ownership also means responsibility. You must pay property taxes and homeowners insurance, keep the home maintained, and live there as your primary residence. Those are the same kinds of obligations that come with owning any home — the reverse mortgage adds a lien and accrues a balance, but it does not remove your role as owner.

When the loan becomes due — typically at sale, permanent move, or death — heirs or the estate can sell the home, refinance, or pay off the balance. Any equity left after payoff belongs to you or your heirs. On FHA-insured HECMs, non-recourse provisions often mean heirs are not personally liable for more than the home's value at payoff.