Loading
Loading
Morgan Hill homeowners 62+ are sitting on significant equity. A reverse mortgage turns that equity into tax-free cash — no monthly payments required.
Santa Clara County home values have climbed steadily for years. That appreciation works directly in your favor when calculating how much you can access.
62 years old
Minimum Age
None required
Monthly Payments
HUD-approved
Counseling Required
HECM (FHA-backed)
Loan Type
When you leave home
Loan Becomes Due
Reverse Mortgages in Morgan Hill
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — lenders won't approve if you owe too much.
You'll also need to pass a financial assessment. Lenders check that you can cover property taxes, insurance, and basic maintenance going forward.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Morgan Hill.
Morgan Hill homeowners 62+ are sitting on significant equity. A reverse mortgage turns that equity into tax-free cash — no monthly payments required.
Santa Clara County home values have climbed steadily for years. That appreciation works directly in your favor when calculating how much you can access.
You must be 62 or older and live in the home as your primary residence. The home must have enough equity — lenders won't approve if you owe too much.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by the FHA. That federal backing means consistent rules across lenders.
We shop HECM programs across 200+ wholesale lenders. Rates and fees vary more than most borrowers expect. That spread matters at this loan size.
HUD-approved counseling is mandatory before closing. Don't treat it as a box to check — it's genuinely useful for understanding your obligations.
Spouses under 62 can still be protected if listed as non-borrowing spouses. Structure this wrong and a younger spouse could face displacement after you pass.
A HELOC gives you a credit line too — but requires monthly payments and strong income to qualify. A reverse mortgage skips both requirements.
Home equity loans work similarly but still demand repayment. For fixed-income Morgan Hill retirees, eliminating that monthly obligation is often the deciding factor.
Morgan Hill sits in Santa Clara County, where property values support strong HECM loan amounts. Higher home values mean more equity available to convert.
As of April 2026, the FHA HECM lending limit applies nationally. Morgan Hill homeowners with higher-value properties may also qualify for jumbo reverse mortgage products.
Yes. You keep the title and ownership. The loan becomes due when you sell, move out, or pass away.
Heirs can repay the loan and keep the home, or sell it. Any equity remaining after repayment goes to them.
Yes, but the existing mortgage must be paid off first. Proceeds from the reverse mortgage can do that.
You choose — lump sum, monthly payments, a line of credit, or a combination. Each option has different rate structures.
Being under 62, insufficient equity, or failing the financial assessment. Non-primary residences don't qualify.
Not until the loan is repaid. Consult a tax advisor — this is a nuance most borrowers miss upfront.