Question 1

Can I lose my home with a reverse mortgage?

Accepted Answer

You keep the title. The loan becomes due only if you stop living there, fail to pay taxes and insurance, or let the property deteriorate.

Question 2

What happens to my heirs when I pass away?

Accepted Answer

Heirs can repay the loan and keep the home. If they don't, the lender sells the property to settle the balance.

Question 3

Does a reverse mortgage affect Social Security or Medicare?

Accepted Answer

Generally no. But it can affect Medi-Cal eligibility if funds sit in your bank account. Talk to a benefits counselor first.

Question 4

How much can I borrow in Milpitas?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity typically get more.

Question 5

Is there a jumbo reverse option in Santa Clara County?

Accepted Answer

Yes. Proprietary jumbo reverse products exist for high-value homes that exceed HECM limits. Not every lender offers these.

Question 6

What are the main costs I should watch?

Accepted Answer

Origination fees, mortgage insurance premiums, and closing costs are the big three. These vary by lender — always compare.

Reverse Mortgages in Milpitas: Turn Equity Into Income