Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

Yes, if you fail to pay property taxes, maintain homeowners insurance, or let the home fall into disrepair. You must also live there as your primary residence.

Question 2

How much can I borrow with a reverse mortgage in Hillsborough?

Accepted Answer

Standard HECMs cap at $1,149,825. Above that, you need a proprietary jumbo reverse mortgage. Loan amount depends on age, home value, and current rates.

Question 3

What happens to the loan when I die?

Accepted Answer

Heirs must repay the balance or sell the home within six months. If the home sells for more than the loan balance, heirs keep the difference.

Question 4

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes, you retain title and ownership. The lender places a lien on the property and collects repayment when you sell, move, or pass away.

Question 5

Can I pay off a reverse mortgage early?

Accepted Answer

Yes, you can repay anytime without prepayment penalties. Some borrowers make voluntary payments to slow equity depletion or preserve inheritance.

Reverse Mortgages in Hillsborough: Turn High Home Equity Into Retirement Income