Question 1

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You retain title and ownership. The loan becomes due when you sell, move out permanently, or pass away.

Question 2

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. You receive any remaining funds as cash or a line of credit.

Question 3

What happens if I live longer than expected and the loan balance exceeds my home value?

Accepted Answer

HECM reverse mortgages are non-recourse. You or your heirs never owe more than the home's value when the loan comes due.

Question 4

How much can I access with a reverse mortgage in San Carlos?

Accepted Answer

Depends on your age, home value, and existing liens. A 70-year-old with a $1.5M paid-off home typically accesses $600k+ through jumbo products.

Question 5

What are the ongoing costs after closing a reverse mortgage?

Accepted Answer

You must pay property taxes, homeowners insurance, and maintain the home. No monthly mortgage payments are required.

Question 6

Can I pay off a reverse mortgage early without penalty?

Accepted Answer

Yes. You can repay anytime without prepayment penalties. Many borrowers do this if they decide to sell or refinance.

Reverse Mortgages in San Carlos: Access Your Home Equity Without Selling