Question 1

Can I get a reverse mortgage on a Woodside property worth over $2 million?

Accepted Answer

Yes, through proprietary jumbo reverse mortgage programs. Standard HECM loans cap at FHA limits, but jumbo programs work for higher-value properties common in Woodside.

Question 2

What happens if I need to move to assisted living after getting a reverse mortgage?

Accepted Answer

The loan becomes due when you permanently leave the home. Your heirs can sell the property, refinance to keep it, or pay off the balance from other funds.

Question 3

Do reverse mortgages cover property tax and insurance in Woodside?

Accepted Answer

No, you remain responsible for property taxes, homeowners insurance, and maintenance. Lenders verify you have income or assets to handle these ongoing costs.

Question 4

How much can I borrow against my Woodside home with a reverse mortgage?

Accepted Answer

It depends on your age, home value, and current rates. Generally, you can access 40-60% of your home's value, with older borrowers qualifying for higher percentages.

Question 5

Will my heirs lose the house after I get a reverse mortgage?

Accepted Answer

No, heirs can keep the home by paying off the loan balance. They can refinance, use other funds, or sell and keep any remaining equity after payoff.

Reverse Mortgages in Woodside: Unlock Your Home Equity Without Monthly Payments