Question 1

Can the lender take my house if I outlive the loan?

Accepted Answer

No. You keep ownership as long as you live in the home and pay property taxes and insurance. The loan only comes due when you move or pass away.

Question 2

What happens if I move to assisted living?

Accepted Answer

The loan becomes due if you leave the home for more than 12 consecutive months. You or your heirs can sell the house or pay off the balance.

Question 3

Do reverse mortgage proceeds affect Social Security or Medicare?

Accepted Answer

Reverse mortgage payments don't count as income for Social Security or Medicare. But consult a benefits advisor if you receive Medicaid or SSI.

Question 4

Can I still leave the house to my kids?

Accepted Answer

Yes. Your heirs can pay off the reverse mortgage balance and keep the home, or sell it and keep any equity above the loan balance.

Question 5

How much equity can I access in Palo Alto?

Accepted Answer

It depends on your age, home value, and current rates. Borrowers in their 70s typically access 50-60% of appraised value. Rates vary by borrower profile and market conditions.

Reverse Mortgages in Palo Alto: Unlock Your Home Equity After Age 62