Question 1

Can I lose my Half Moon Bay home with a reverse mortgage?

Accepted Answer

You won't lose your home if you maintain property taxes, insurance, and home maintenance. The loan only becomes due when you sell, move out permanently, or pass away.

Question 2

How much can I borrow with a reverse mortgage in San Mateo County?

Accepted Answer

The amount depends on your age, home value, and current equity. Older borrowers with more valuable homes can access more funds. Rates vary by borrower profile and market conditions.

Question 3

What happens to my reverse mortgage if I need to move to assisted living?

Accepted Answer

The loan becomes due if you're away from the home for more than 12 consecutive months. Your heirs can sell the home or pay off the loan balance to keep it.

Question 4

Are reverse mortgage proceeds taxable income?

Accepted Answer

No, reverse mortgage funds are not taxable income because they're loan proceeds, not earnings. Consult a tax advisor about how it might affect other benefits or deductions.

Question 5

Can my spouse stay in the home if I pass away?

Accepted Answer

Yes, if your spouse is listed as a co-borrower on the reverse mortgage. Non-borrowing spouses may have protections if they meet specific age and residency requirements at loan origination.

Reverse Mortgages in Half Moon Bay: Turn Your Coastal Equity into Retirement Income