Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You remain on title. The lender places a lien, but you own the home.

Question 2

What happens to my heirs when I pass away?

Accepted Answer

Heirs can repay the loan and keep the home. Or they sell it and keep any remaining equity.

Question 3

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

Accepted Answer

Yes. The reverse mortgage pays off your existing loan first. Remaining funds come to you.

Question 4

Why might a jumbo reverse mortgage make more sense in Los Altos?

Accepted Answer

HECM limits cap what you can borrow. Jumbo products access equity on higher-value homes.

Question 5

Are reverse mortgage proceeds taxable?

Accepted Answer

Generally no — loan proceeds are not income. Consult a tax advisor to confirm your situation.

Question 6

What are my obligations while I hold a reverse mortgage?

Accepted Answer

You must pay property taxes, homeowner's insurance, and maintain the home. Failing to do so can trigger default.

Reverse Mortgages in Los Altos — Turn Equity Into Income