Question 1

Can I lose my Colma home with a reverse mortgage?

Accepted Answer

You retain ownership and can stay as long as you live there, pay property taxes and insurance, and maintain the home. The loan comes due only when you permanently leave.

Question 2

What happens if I owe more than my home is worth?

Accepted Answer

FHA insurance protects you and your heirs. If the loan balance exceeds the home's value at repayment, neither you nor your heirs owe the difference.

Question 3

Will a reverse mortgage affect my Social Security?

Accepted Answer

Reverse mortgage proceeds don't count as income and won't affect Social Security or Medicare benefits. Need-based programs like Medi-Cal may be impacted, so consult a benefits advisor.

Question 4

Can my spouse stay in the home if something happens to me?

Accepted Answer

If both spouses are listed as borrowers, the surviving spouse can remain without repayment. Non-borrowing spouses may have protections if they meet specific FHA criteria established at closing.

Question 5

How much equity can I access in San Mateo County?

Accepted Answer

The amount depends on your age, home value, and current rates. Borrowers must be 62+, with older borrowers accessing a higher percentage of their Colma home's value.

Reverse Mortgages in Colma: Access Your Home Equity in San Mateo County