Question 1

Can I get a reverse mortgage on a $4 million Beverly Hills home?

Accepted Answer

Yes, through jumbo reverse programs that go up to $4 million. You need stronger credit and more equity than FHA loans, typically 680+ FICO and 50% equity minimum.

Question 2

Will a reverse mortgage affect my Prop 13 tax basis?

Accepted Answer

No. You retain ownership and your property tax basis stays protected. The loan only comes due when you sell, move, or pass away.

Question 3

What happens if my home value exceeds the loan balance when I die?

Accepted Answer

Heirs inherit the remaining equity. They can pay off the loan and keep the home, or sell it and pocket the difference above the loan amount.

Question 4

Do I still pay property taxes and insurance with a reverse mortgage?

Accepted Answer

Yes. You remain responsible for property taxes, homeowners insurance, HOA dues, and maintenance. Failure to pay these can trigger loan default.

Question 5

How much can I borrow with a Beverly Hills reverse mortgage?

Accepted Answer

Depends on age, home value, and interest rates. A 70-year-old with a $3M home typically accesses $1.2-1.5M on a jumbo reverse mortgage.

Reverse Mortgages in Beverly Hills: Unlock Equity Without Leaving Your Home