Question 1

Can I lose my Gilroy home with a reverse mortgage?

Accepted Answer

Yes, if you stop paying taxes, insurance, or maintaining the property. The lender can call the loan due if those obligations lapse.

Question 2

Does my income affect reverse mortgage eligibility?

Accepted Answer

Lenders run a financial assessment to confirm you can cover taxes and insurance. Low income doesn't automatically disqualify you.

Question 3

What happens to my heirs when I pass away?

Accepted Answer

The loan becomes due. Heirs can sell the home, refinance it, or pay off the balance. They keep any remaining equity.

Question 4

How much can I borrow against my Gilroy home?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity generally access more funds.

Question 5

Is HUD counseling really required in California?

Accepted Answer

Yes. Federal law requires it before any HECM closes. It typically takes about an hour and can be done by phone.

Question 6

Can my spouse stay if I pass away first?

Accepted Answer

If they're a co-borrower or an eligible non-borrowing spouse, yes. This protection has specific rules — confirm them before closing.

Reverse Mortgages in Gilroy, CA — Turn Equity Into Income