Question 1

Can I lose my Redwood City home with a reverse mortgage?

Accepted Answer

You keep ownership and can stay in your home as long as you pay property taxes, insurance, and maintain the property. The loan only becomes due when you move out permanently, sell, or pass away.

Question 2

How much can I borrow with a Redwood City reverse mortgage?

Accepted Answer

The amount depends on your age, home value, and current interest rates. Older borrowers with more valuable homes can access more equity, typically ranging from 40% to 60% of home value.

Question 3

What happens to my heirs when I pass away?

Accepted Answer

Your heirs can repay the loan and keep the home, sell the home to pay off the balance, or deed it to the lender. They're never responsible for more than the home's value.

Question 4

Do I need good credit to qualify for a reverse mortgage?

Accepted Answer

Credit requirements are minimal compared to traditional mortgages. Lenders verify you can pay property taxes and insurance, but low credit scores don't automatically disqualify you.

Question 5

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

Accepted Answer

Yes, but the reverse mortgage must pay off your existing mortgage first. You'll access whatever equity remains after settling your current loan balance and paying closing costs.

Reverse Mortgages in Redwood City: Tap Your Home Equity Without Monthly Payments