You’ll find the answers to many common reverse mortgage questions here. Need to know more? Contact Us today. We’re happy to help.
Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.
Read More Back to TopA HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).
Read More Back to TopYou’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…
Read More Back to TopUse the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…
Read More Back to TopThe funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…
Read More Back to TopA reverse mortgage is a home-secured loan that’s exclusively for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of…
Read More Back to TopA reverse mortgage offers certain advantages:
With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…
Read More Back to TopThe specific amount depends on several factors, including:
Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.
Read More Back to TopYes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse…
Read More Back to TopThe loan must be paid in full when one of the following occurs:
The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.
To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:
Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…
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