Reverse Mortgage Frequently Asked Questions
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.
A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).
You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…
Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…
The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…
A 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…
A reverse mortgage offers certain advantages:
- With a traditional home equity loan or home equity line of credit, you…
With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…
The specific amount depends on several factors, including:
- Your…
Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.
Yes. 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…
The loan must be paid in full when one of the following occurs:
- A “maturity event” —…
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…