Question 1

Can I get a reverse mortgage on a high-value Los Altos Hills home?

Accepted Answer

Yes, but you'll likely need a jumbo reverse mortgage. HECM limits cap at $1,209,750, which won't cover most local home values.

Question 2

Do I lose ownership of my home with a reverse mortgage?

Accepted Answer

No. You stay on title and own the home. The loan is repaid when you sell, move out, or pass away.

Question 3

What happens if my loan balance exceeds my home's value?

Accepted Answer

HECM loans are non-recourse. You or your heirs never owe more than the home's sale price. FHA covers the difference.

Question 4

Will a reverse mortgage affect my heirs?

Accepted Answer

Your heirs can sell the home to repay the loan and keep remaining equity. They can also refinance to buy you out of the reverse mortgage.

Question 5

Is HUD counseling required for a reverse mortgage in California?

Accepted Answer

Yes. All HECM borrowers must complete HUD-approved counseling before applying. Many jumbo programs require it too.

Question 6

How is my payout amount determined?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity receive larger draws. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Los Altos Hills, CA