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Reverse Mortgage FAQs

What is a Reverse Mortgage?

A Reverse Mortgage allows homeowners, 62 years of age or older, to take advantage of the equity in their home and use it as tax-free income while living in their own home.

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What are the requirements to qualify for a Reverse Mortgage?

To qualify for a Reverse Mortgage, you must be 62 years of age or older and a homeowner with equity in your home.

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How do you determine how much money I can receive?

How much money you receive depends on several factors.

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Are there any fees associated with obtaining a Reverse Mortgage?

Yes, most have application, origination and monthly servicing fees along with closing costs and insurance.

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What are the benefits of a Reverse Mortgage?

With a Reverse Mortgage, you’ll be able to live financially independent with these advantages.

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How does a Reverse Mortgage differ from a Home Equity Loan?

With a Reverse Mortgage, the loan is not due for payment until the last borrower leaves the home or dies.

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How will the money be disbursed?

You chose how you would like to receive the money from the equity in your home.

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What are the types of Reverse Mortgages available?

There are two types of Reverse Mortgage options available to meet your individual needs.

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Will my heirs be able to inherit my home?

Since the title of the home will remain in your name, not the bank’s, you will be able to leave your home to your heirs.

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When will the Reverse Mortgage become due for payment and what will be owed?

The mortgage becomes due for payment when the last borrower permanently leaves the home or dies.

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Are there any tax consequences to a Reverse Mortgage?

Since the government does not consider the funds from a Reverse Mortgage as income, it’s not taxable.

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How can I use the money?

A Reverse Mortgage allows you to comfortably live in your own home and handle unexpected expenses without needing to depend on others.

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Resources

Learn more about Reverse Mortgages from other industry resources.

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Need Help?

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