Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You keep title but must pay property taxes, insurance, and maintain the home. Default on those obligations can trigger foreclosure.

Question 2

How much can I borrow with a South San Francisco reverse mortgage?

Accepted Answer

Loan amounts depend on your age, home value, and interest rates. Older borrowers with higher home values qualify for larger amounts.

Question 3

Do reverse mortgages affect my heirs?

Accepted Answer

Heirs can repay the loan and keep the home or sell and keep remaining equity. They owe no more than the home's value.

Question 4

What happens if I need to move to assisted living?

Accepted Answer

The loan becomes due if you leave the home for more than 12 consecutive months. You or your heirs must repay or sell.

Question 5

Are reverse mortgage proceeds taxable?

Accepted Answer

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

Question 6

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

Accepted Answer

Yes. The reverse mortgage pays off your existing loan first, then you receive the remaining proceeds with no monthly payment required.

Reverse Mortgages in South San Francisco: Tap High Home Equity Without Monthly Payments