Does your lender takes the title to your home?
Title on a reverse mortgage is no different than any other mortgage you have ever had – you are still on the title. When the house is sold or becomes vacant, the loan must be repaid, typically through the sale of your home or refinance.
Do you need good credit for a reverse mortgage?
While the requirements for a reverse mortgage are not as strict as a traditional mortgage, your credit and income are reviewed to ensure you are in the safest financial situation to afford your taxes, insurance and maintenance of your home
Do reverse mortgage borrowers owe more than their home is worth?
All of our reverse mortgages are non-recourse loans, which means the borrower can never be personally liable for more than the home’s value.
You cannot get a reverse mortgage if I already have a mortgage on my home?
A reverse mortgage can pay off your current mortgage, eliminating any monthly mortgage payment you have now! Remember you are still responsible to remain current on taxes and insurance.
Are there limits on how I can spend the money from my reverse mortgage?
It is your home, it is your money! You can spend your tax-free money from your Reverse Mortgage any way you would like.
Are my children will be responsible for the repayment of the loan?
Reverse mortgages are non-recourse loans. This means if the family or heirs wish to keep the home and the balance is more than the home’s value they would only have to pay 95% of the appraised value to keep the home. If the borrower owes less than the value of the home, the beneficiaries would be required to payoff the existing reverse mortgage balance thru financing or selling the home. Any additional funds remaining from proceeds belong to the estate or beneficiary of the borrower.
Do only low-income seniors get reverse mortgages?
Seniors from all different income levels decide a reverse mortgage is right for them every day. For some seniors it is a way to eliminate their monthly mortgage payment and have more financial freedom. For others it is a way to have a financial cushion for those unexpected bills. Some seniors are able to live their retirement more comfortably, and with little worry about how they will make ends meet. A Reverse Mortgage is not designed for one particular person; it’s for any senior looking to make the most out of their retirement.
Do reverse mortgage lenders take advantage of seniors?
Our goal is to help you make the most out of your retirement. We will help you decide which reverse mortgage program will work best for your situation. We want you to be knowledgeable about the process and able to make the most of the reverse mortgage program.
If I outlive my life expectancy, will the lender will evict me?
Reverse mortgage lenders put no time limit on how long you can stay in your home. You still own your home, you cannot be evicted, as long as you continue to maintain your home and pay the property taxes and insurance fees.