Loading
Loading
Burlingame's high home values make reverse mortgages particularly powerful for seniors sitting on significant equity. Most borrowers we see here have 600K+ in equity but limited retirement income.
The challenge is finding lenders who understand San Mateo County property values. Not every reverse mortgage lender wants to work in this price range, which creates approval bottlenecks.
Reverse Mortgages in Burlingame
You must be 62 or older with substantial equity in your primary residence. We typically need at least 50% equity, though more is better for maximizing your loan amount.
The home must be your primary residence and meet FHA property standards. You remain responsible for property taxes, insurance, and maintenance throughout the loan term.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Burlingame.
Burlingame's high home values make reverse mortgages particularly powerful for seniors sitting on significant equity. Most borrowers we see here have 600K+ in equity but limited retirement income.
The challenge is finding lenders who understand San Mateo County property values. Not every reverse mortgage lender wants to work in this price range, which creates approval bottlenecks.
You must be 62 or older with substantial equity in your primary residence. We typically need at least 50% equity, though more is better for maximizing your loan amount.
Reverse mortgage lenders in Burlingame fall into two camps: those who handle high-value properties well and those who stumble. We work with lenders experienced in San Mateo County closings.
Rates vary significantly between lenders, often by 50-100 basis points. Shopping your loan across multiple lenders can mean thousands in savings over the life of the loan.
Most Burlingame clients consider reverse mortgages to delay Social Security or supplement retirement income. The math works best when you plan to stay in the home long-term.
The biggest mistake we see is waiting too long. Health issues or cognitive decline can disqualify you later, even if you qualified years earlier. Start the conversation at 62, even if you don't move forward immediately.
Home equity loans and HELOCs require monthly payments, which defeats the purpose for most retirees. Reverse mortgages eliminate that burden entirely while letting you stay in your home.
Selling and downsizing is the other common alternative. That works if you want to move, but if you love your Burlingame neighborhood, a reverse mortgage preserves that choice.
Burlingame property taxes run higher than many California cities, which matters because you must keep paying them. Budget carefully since tax delinquency can trigger loan default.
Estate planning gets complex with reverse mortgages in high-value areas. Your heirs inherit the home but must repay the loan balance, typically by selling. Plan these conversations early.
Loan amounts depend on your age, home value, and current rates. Older borrowers with higher home values qualify for more. Rates vary by borrower profile and market conditions.
You retain ownership as long as you live there, pay taxes and insurance, and maintain the property. Default only occurs if you violate those terms or move out permanently.
Yes, if the condo project is FHA-approved and you own the unit outright or have substantial equity. Not all condo complexes qualify, so project approval matters.
You never owe more than the home's value, and you can never be forced to leave. The loan balance grows over time, but you remain in the home for life.
Reverse mortgage proceeds are not taxable income since they represent loan advances against your equity. Consult a tax advisor about your specific situation and estate planning needs.