Question 1

Can I lose my San Bruno home with a reverse mortgage?

Accepted Answer

You retain ownership and cannot be forced out as long as you maintain the property, pay taxes and insurance, and live there as your primary residence. The loan becomes due when you permanently move or pass away.

Question 2

How much can I borrow with a reverse mortgage in San Bruno?

Accepted Answer

The amount depends on your age, home value, and interest rates. Older borrowers with more valuable homes qualify for higher amounts. Rates vary by borrower profile and market conditions.

Question 3

Will my heirs inherit debt with a reverse mortgage?

Accepted Answer

Your heirs can pay off the loan and keep the home, sell it to repay the loan, or walk away. They never owe more than the home's value thanks to FHA insurance on HECM loans.

Question 4

Are reverse mortgage proceeds taxable income?

Accepted Answer

No, reverse mortgage funds are loan proceeds, not income, so they're not taxable. This means they won't affect your Social Security or Medicare benefits either.

Question 5

Can I get a reverse mortgage if I still have an existing mortgage?

Accepted Answer

Yes, but the reverse mortgage must pay off your existing mortgage balance first. You need sufficient equity remaining to make the transaction worthwhile after paying off the current loan.

Reverse Mortgages in San Bruno: Access Your Home Equity Without Monthly Payments