Question 1

Can I lose my Daly City home with a reverse mortgage?

Accepted Answer

You keep ownership but must maintain taxes, insurance, and property upkeep. The loan becomes due when you permanently move out or pass away, at which point heirs can repay and keep the home or sell it.

Question 2

How much equity can I access in Daly City?

Accepted Answer

The amount depends on your age, home value, and current interest rates. Generally, older borrowers and higher home values yield more available equity, but rates vary by borrower profile and market conditions.

Question 3

Do reverse mortgages affect Social Security or Medicare?

Accepted Answer

Reverse mortgage proceeds don't count as taxable income and won't affect Social Security or Medicare benefits. However, they may impact need-based programs like Medicaid if you keep large amounts in savings.

Question 4

What happens if I want to sell my Daly City home later?

Accepted Answer

You can sell anytime. The reverse mortgage is repaid from sale proceeds, and you keep any remaining equity. If home value exceeds the loan balance, that difference belongs to you or your heirs.

Question 5

Are reverse mortgage fees higher in San Mateo County?

Accepted Answer

Fees are primarily based on the loan program and lender, not location. However, higher Daly City home values may result in larger origination fees since some costs are calculated as a percentage of property value.

Reverse Mortgages in Daly City: Access Your Home Equity Without Monthly Payments