Aren’t reverse mortgages much more costly than other mortgages?

Not at all. The truth is that closing costs average only about 1% more than that of a regular FHA mortgage on the same property. If you compared the reverse mortgage to many other conventional mortgages, the reverse mortgage could actually be lower... (continue reading...)

Can I sell my home and use a reverse mortgage to purchase a new home?

One interesting feature of the some newer reverse mortgages that are available is that you can use the program to purchase a new home – all in a single transaction. The transaction reduces the out-of-pocket cash needed to buy a new home,... (continue reading...)

Isn’t it selfish to get a reverse mortgage rather than leave my home equity to my children?

Some potential reverse mortgage candidates are concerned they will have less home equity to leave their heirs – until they actually speak with their heirs. Many adult children want to see their parents living comfortably and enjoying their... (continue reading...)

What if I change my mind?

Relax - even after you close your reverse mortgage, you still have a chance to reconsider. Should you decide for any reason that you no longer want the loan, you have three days to... (continue reading...)

Are there any restrictions on how I use my reverse loan proceeds?

Nope! It's your money. There are no restrictions on how your proceeds are used. Medical care, property taxes, condominium assessments, home repairs, help with a grandchild’s college costs, or just to improve your quality of life are just some of... (continue reading...)

Are there any restrictions I should be aware of?

During your loan period, there may be restrictions for: Renting out your home Adding new owners to the home's title Changing your home's zoning classification Taking out new debt against your home, or Filing for... (continue reading...)

Will my children be responsible for repayment of the reverse mortgage?

No. A reverse mortgage is what is called a non-recourse loan. This means the bank can never come after any person or estate for repayment of the loan. The bank can only use the value of the home as repayment. Your children may, however, either sell... (continue reading...)

If I get a reverse mortgage – does the bank own my home?

Absolutely not. With a reverse mortgage - you still own your home. Of course, that means you must continue to pay your property taxes, make necessary repairs to the home, and keep home-owner's... (continue reading...)

My house is not paid off yet – can I still get a reverse mortgage?

Absolutely - as long as your equity is greater than the amount you still owe. You can either pay off the old debt before you get a reverse mortgage, or you can use the initial proceeds from the reverse mortgage to pay the... (continue reading...)

What are the Costs of a Reverse Mortgage?

Many of the same costs that someone pays to obtain a home purchase loan, or to refinance their existing mortgage, apply to reverse mortgages too. You can expect to be charged an origination fee, up-front mortgage insurance premium (for the FHA Home... (continue reading...)

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