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Reverse Mortgage FAQ's

(Frequently Asked Questions)

 

How is a reverse mortgage different than a regular mortgage?

With a reverse mortgage you do not make payments.  You receive funds every month, a lump sum or a combination of both from the mortgage company.  The monies you receive may not be considered income or assets.

 


 

What are the requirements for a reverse mortgage?

The youngest member of the household must be 62 years of age.  You must own your home (be on the title). You must be a resident of your house for at least 6 months of the year.

 


 

Will the bank own my house and will I be forced out of it?

You will never lose your home because of the reverse mortgage.  As in any loan, that could happen if you were not to pay your property taxes, homeowners insurance or do not do necessary repairs on your house.  After your death, your heirs may sell the house or finance it to pay back the mortgage.  The loan should never be higher than the value of the house.