Question 1

Can the bank take my San Mateo home with a reverse mortgage?

Accepted Answer

No. You retain ownership and can stay in your home as long as you maintain it, pay property taxes and insurance, and occupy it as your primary residence. The loan is repaid when you sell or move.

Question 2

How much can I borrow with San Mateo property values?

Accepted Answer

Loan amounts depend on your age, home value, and current interest rates. Peninsula values often qualify for jumbo reverse mortgages with higher limits than standard FHA programs. Rates vary by borrower profile and market conditions.

Question 3

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

Accepted Answer

The loan becomes due when the home is no longer your primary residence. You or your heirs can sell the property to repay the balance, or heirs can refinance to keep it.

Question 4

Do I still pay property taxes and insurance with a reverse mortgage?

Accepted Answer

Yes. You remain responsible for property taxes, homeowner's insurance, HOA fees, and home maintenance. Failure to maintain these obligations can result in loan default.

Question 5

Can I leave my San Mateo home to my children with a reverse mortgage?

Accepted Answer

Yes. Your heirs can keep the home by repaying the loan balance, typically through refinancing. If they sell, they keep any equity exceeding the loan amount.

Reverse Mortgages in San Mateo: Unlock Your Home Equity Without Monthly Payments