Question 1

Can I still leave my Menlo Park home to my children?

Accepted Answer

Yes. Heirs can pay off the loan balance and keep the home, or sell and keep any remaining equity. Most Menlo Park homes appreciate enough that heirs inherit significant value.

Question 2

What happens if I need to move to assisted living?

Accepted Answer

The loan becomes due when the home stops being your primary residence for 12+ months. Proceeds from selling typically cover the balance plus moving costs.

Question 3

Do reverse mortgages affect Social Security or Medicare?

Accepted Answer

Proceeds don't affect Social Security. Large lump sums can trigger higher Medicare premiums if they count as income. We model payout structures to minimize tax impacts.

Question 4

How much can I borrow on a $2M Menlo Park home?

Accepted Answer

Depends on age and current rates. A 70-year-old might access $900K-$1.1M. Older borrowers and lower rates increase proceeds. Rates vary by borrower profile and market conditions.

Question 5

Can I get a reverse mortgage if I still owe on my current mortgage?

Accepted Answer

Yes. Reverse mortgage proceeds first pay off your existing loan. Remaining funds come to you as cash, line of credit, or payments based on your choice.

Question 6

What are the upfront costs for a reverse mortgage in Menlo Park?

Accepted Answer

Expect $15K-$25K in closing costs including origination, appraisal, and FHA insurance premiums. These typically get rolled into the loan rather than paid out of pocket.

Reverse Mortgages in Menlo Park: Turn Your Home Equity Into Cash Flow