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Beverly Hills homeowners sitting on millions in equity often resist selling because of property tax protections under Prop 13. A reverse mortgage lets you access that equity while keeping your home and low tax basis.
Most Beverly Hills properties exceed the FHA HECM limit of $1,249,125, which means you need a jumbo reverse mortgage to tap your full equity. These proprietary loans go up to $4 million and require better credit than standard reverse mortgages.
Reverse Mortgages in Beverly Hills
You must be 62 or older, occupy the home as your primary residence, and complete HUD counseling. The home must have sufficient equity—typically at least 50%—and you stay responsible for property taxes, insurance, and maintenance.
Credit matters less than with traditional mortgages, but jumbo reverse lenders check your score. Expect minimum 680 FICO for high-balance programs. You can't have federal debt or delinquent liens.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Beverly Hills.
Beverly Hills homeowners sitting on millions in equity often resist selling because of property tax protections under Prop 13. A reverse mortgage lets you access that equity while keeping your home and low tax basis.
Most Beverly Hills properties exceed the FHA HECM limit of $1,249,125, which means you need a jumbo reverse mortgage to tap your full equity. These proprietary loans go up to $4 million and require better credit than standard reverse mortgages.
You must be 62 or older, occupy the home as your primary residence, and complete HUD counseling. The home must have sufficient equity—typically at least 50%—and you stay responsible for property taxes, insurance, and maintenance.
Only a handful of lenders offer jumbo reverse mortgages above FHA limits. Most Beverly Hills deals need these proprietary programs because home values blow past conventional caps.
We work with specialized reverse mortgage lenders who underwrite million-dollar properties daily. Standard retail banks rarely touch this space. You need a broker with direct access to these niche lenders.
Beverly Hills clients usually choose reverse mortgages to delay Social Security, fund renovations, or eliminate existing mortgage payments. The tax-free proceeds don't affect Medicare premiums, which matters when you're already at income thresholds.
Heirs worry about eating up equity, but most Beverly Hills properties appreciate faster than loan balances accrue. We run projections showing home value in 10 years versus loan growth at current rates.
A HELOC requires monthly payments and expires after 10 years. A reverse mortgage has no payment requirement and lasts as long as you live in the home. For retirees with limited income, that difference matters.
Home equity loans give you a lump sum but demand immediate repayment. Reverse mortgages let you take funds as a line of credit, growing unused portions at the same rate as loan interest—around 5-6% currently.
Beverly Hills property values mean most homes require jumbo reverse programs. The $1.1M FHA cap doesn't work when median estate properties start at $3 million. Expect higher rates and fees on proprietary products.
Many Beverly Hills homes need seismic retrofitting or foundation work before approval. Lenders require properties to meet FHA standards even on non-FHA loans. Budget $15-30K for deferred maintenance issues.
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.
No. You retain ownership and your property tax basis stays protected. The loan only comes due when you sell, move, or pass away.
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.
Yes. You remain responsible for property taxes, homeowners insurance, HOA dues, and maintenance. Failure to pay these can trigger loan default.
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.