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Gilroy homeowners 62 and older are sitting on serious equity. That equity can fund retirement without selling your home.
A reverse mortgage lets you convert that equity into cash. No monthly mortgage payment required while you live there.
62 years old
Minimum Borrower Age
None required
Monthly Payments
HECM (FHA-backed)
Loan Type
Yes — HUD-approved
Counseling Required
Move out or pass away
Loan Repayment Trigger
Reverse Mortgages in Gilroy
You must be 62 or older and live in the home as your primary residence. The home must have enough equity to support the loan.
You still pay property taxes, insurance, and maintenance. Failing to do so can trigger loan repayment.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Gilroy.
Gilroy homeowners 62 and older are sitting on serious equity. That equity can fund retirement without selling your home.
A reverse mortgage lets you convert that equity into cash. No monthly mortgage payment required while you live there.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity to support the loan.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by the FHA. Not every lender offers them.
We shop across 200+ wholesale lenders to find the best HECM terms for Gilroy borrowers. Rates vary by borrower profile and market conditions.
The biggest mistake I see is borrowers taking the full lump sum upfront. A line of credit often grows over time and gives you more flexibility.
Heirs need a plan. At death or when you move out, the loan comes due. Families in Gilroy often underestimate that timeline.
A HELOC gives you a credit line too, but requires monthly payments. If cash flow is tight in retirement, that monthly obligation matters.
A reverse mortgage eliminates the payment. A home equity loan gives you a lump sum but adds a bill. Know which problem you're actually solving.
Gilroy sits in Santa Clara County, where home values have climbed steadily. That means many long-term owners have deep equity to access.
The HECM lending limit as of April 2026 is set federally — your Gilroy home's appraised value determines what you can actually draw.
Yes, if you stop paying taxes, insurance, or maintaining the property. The lender can call the loan due if those obligations lapse.
Lenders run a financial assessment to confirm you can cover taxes and insurance. Low income doesn't automatically disqualify you.
The loan becomes due. Heirs can sell the home, refinance it, or pay off the balance. They keep any remaining equity.
It depends on your age, home value, and current rates. Older borrowers with more equity generally access more funds.
Yes. Federal law requires it before any HECM closes. It typically takes about an hour and can be done by phone.
If they're a co-borrower or an eligible non-borrowing spouse, yes. This protection has specific rules — confirm them before closing.