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Milpitas sits in one of the most equity-rich corridors in California. Longtime homeowners here have built serious wealth — and a reverse mortgage is one way to access it.
Silicon Valley appreciation means many seniors hold far more equity than they need locked up in walls. A reverse mortgage converts that equity into tax-free cash without a monthly payment.
62 years old
Min Age
$0 required
Monthly Payment
Required
HUD Counseling
HECM or Jumbo
Loan Type
Vacate or sell
Repayment Trigger
Reverse Mortgages in Milpitas
You must be 62 or older to qualify. The home must be your primary residence — investment properties and vacation homes don't count.
Lenders will check that your property taxes and homeowners insurance are current. You also need enough equity to meet FHA's lending limits for Santa Clara County.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Milpitas.
Milpitas sits in one of the most equity-rich corridors in California. Longtime homeowners here have built serious wealth — and a reverse mortgage is one way to access it.
Silicon Valley appreciation means many seniors hold far more equity than they need locked up in walls. A reverse mortgage converts that equity into tax-free cash without a monthly payment.
You must be 62 or older to qualify. The home must be your primary residence — investment properties and vacation homes don't count.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. A smaller number are proprietary jumbo reverse products for high-value homes.
In Milpitas, where home values frequently exceed standard FHA limits, jumbo reverse mortgage products are worth a serious look. Not every lender offers them.
HUD requires all HECM borrowers to complete third-party counseling before closing. Budget time for that step — it's mandatory, not optional.
The big mistake I see: seniors picking a lender based on a TV ad. Rates and fees vary significantly across lenders. Rates vary by borrower profile and market conditions.
A HELOC gives you a credit line too — but requires monthly payments and a solid income. If you're on a fixed income, that payment can be a real problem.
Home Equity Loans work similarly but also demand monthly repayment. A reverse mortgage defers everything until you sell, move out, or pass away.
Santa Clara County property taxes are not low. A reverse mortgage can fund those tax bills directly, which helps seniors avoid default and potential foreclosure.
Milpitas has a large population of long-term homeowners who bought decades ago. Many qualify for jumbo reverse products given how much values have climbed.
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.
Heirs can repay the loan and keep the home. If they don't, the lender sells the property to settle the balance.
Generally no. But it can affect Medi-Cal eligibility if funds sit in your bank account. Talk to a benefits counselor first.
It depends on your age, home value, and current interest rates. Older borrowers with more equity typically get more.
Yes. Proprietary jumbo reverse products exist for high-value homes that exceed HECM limits. Not every lender offers these.
Origination fees, mortgage insurance premiums, and closing costs are the big three. These vary by lender — always compare.