Question 1

Can I get a reverse mortgage on a $2 million home in Rolling Hills Estates?

Accepted Answer

Yes, through jumbo reverse products that go well beyond FHA limits. We shop lenders who specialize in high-value properties and can access $1-2 million in equity depending on your age.

Question 2

Do I have to pay back a reverse mortgage if I'm still living in the home?

Accepted Answer

No monthly payments are required as long as you live in the home and stay current on taxes and insurance. The loan comes due when you permanently move out or pass away.

Question 3

What happens to my home when I die with a reverse mortgage?

Accepted Answer

Your heirs can pay off the loan balance and keep the house, or sell it and keep any remaining equity. The lender cannot take more than the home's value even if the loan balance is higher.

Question 4

How much can I borrow with a reverse mortgage at age 65?

Accepted Answer

Borrowing capacity increases with age and home value. At 65, expect to access 40-50% of your home's value. Rates vary by borrower profile and market conditions.

Question 5

Are property taxes included in a reverse mortgage payment?

Accepted Answer

No, you must continue paying property taxes and homeowners insurance yourself. Failure to pay these counts as loan default and can trigger foreclosure.

Question 6

Can I get a reverse mortgage if I still owe on my current mortgage?

Accepted Answer

Yes, but the reverse mortgage must pay off your existing loan first. You need enough equity after payoff to make the reverse mortgage worthwhile given the upfront costs.

Reverse Mortgages in Rolling Hills Estates: Access Your Home Equity Without Selling