Question 1

Can I lose my Millbrae home with a reverse mortgage?

Accepted Answer

You retain ownership and can live in your home as long as you meet loan obligations: maintaining the property, paying property taxes, and keeping homeowners insurance current. The loan becomes due when you permanently leave the home.

Question 2

How much can I borrow with a Millbrae reverse mortgage?

Accepted Answer

The amount depends on your age, home value, and current interest rates. Older borrowers and higher home values increase available funds. A lender can provide specific calculations based on your situation.

Question 3

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

Accepted Answer

The loan typically becomes due if you permanently leave your Millbrae home for more than 12 consecutive months. Your heirs can then repay the loan and keep the property or sell it to satisfy the debt.

Question 4

Are reverse mortgage proceeds taxable in California?

Accepted Answer

Reverse mortgage funds are generally not considered taxable income because they're loan proceeds, not earnings. Consult a tax professional about your specific situation and how proceeds might affect other benefits.

Question 5

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

Accepted Answer

Yes, but existing mortgage debt must be paid off with reverse mortgage proceeds at closing. You need sufficient equity remaining after payoff to qualify for the program and access additional funds.

Reverse Mortgages in Millbrae: Access Your Home Equity Without Monthly Payments