Question 1

How much can I borrow with a reverse mortgage in Mountain View?

Accepted Answer

Loan amounts depend on your age, home value, and current interest rates. Older borrowers with higher home values qualify for larger amounts.

Question 2

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You retain ownership and can live in the home as long as you maintain it and pay property taxes and insurance.

Question 3

What happens to the loan when I move or pass away?

Accepted Answer

The loan becomes due. Heirs can pay it off and keep the home, or sell the home to settle the debt. Any remaining equity goes to the estate.

Question 4

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

Accepted Answer

Yes, but proceeds from the reverse mortgage must first pay off your existing mortgage. You receive what's left after that payoff.

Question 5

Are reverse mortgage proceeds taxable income?

Accepted Answer

No. The IRS treats reverse mortgage proceeds as loan advances, not income. Consult a tax advisor for your specific situation.

Reverse Mortgages in Mountain View: Convert Your Home Equity Into Retirement Cash