Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

Not if you pay property taxes, insurance, and live in the home. The loan only becomes due when you move out or pass away.

Question 2

How much equity can I access in Portola Valley?

Accepted Answer

Loan amounts depend on age, home value, and rates. High-value homes often exceed HECM caps and need jumbo reverse products.

Question 3

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You retain title and can sell anytime. The lender holds a lien that gets repaid when you sell or leave.

Question 4

What happens when I move to assisted living?

Accepted Answer

The loan becomes due within 12 months of vacating. Heirs can repay the balance or sell the home to settle the debt.

Question 5

Are reverse mortgage proceeds taxable?

Accepted Answer

No. The IRS treats proceeds as loan advances, not income. Consult a tax advisor for your specific situation.

Reverse Mortgages in Portola Valley: Turn High Home Value Into Retirement Income