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Here Are Some Common Questions About Reverse Mortgage Loans

An FHA reverse mortgage, in its simplest definition, is a government-insured loan. In a more descriptive definition, it is a financial tool that allows you to access the equity in your home and convert it into cash. Discover more about a reverse mortgage

Yes.  With reverse mortgages, as long as you pay your taxes and insurance and otherwise comply with the loan terms, you will retain ownership of your home.  The bank only takes title of your home if you do not meet these obligations.  One of the most common misconceptions about Reverse Mortgages is this little piece of information.  The truth is, as long as you pay your taxes and insurance and otherwise comply with the loan terms, you remain the owner of the home and may live there for as long as you wish.

If you fulfill all your obligations, then no. The obligations for a reverse mortgage are that you continue to pay your property taxes, insurance, and keep basic maintenance and repairs. If you do not uphold these responsibilities, the loan becomes due, which may mean the selling of the home to pay the loan. If you uphold these responsibilities and obligations as agreed, you will not lose your home.

With a Reverse Mortgage, there are no monthly payments from you.  As one of your most important assets, your home usually holds a certain amount of equity.  Because of this equity, when the time comes someday for the loan to be repaid, the value of the home when sold is able to re-pay the loan.  Meanwhile, you are able to live in the home for as long as you like without making payments. Here are additional details on how reverse mortgages work.

How much money you qualify for will be dependent upon these factors:

  • Your age  (you must be 62 or older)
  • Your home’s appraised value  (an independent appraiser will visit your home and determine what the current value is)
  • The current reverse mortgage interest rates
  • Mortgage Balance

To  qualify for a reverse mortgage, you must be 62 years and older, own your home, and occupy it as your primary residence.

What is a Reverse Mortgage?

Potential borrowers considering this option do have a lot of questions, and they want to be very clear about what a reverse mortgage for seniors is.

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