Frequently Asked Questions
Find the answers to your most pressing questions
What if my spouse is under 62 can we still get a Reverse Mortage and both be on Title?
Yes, recent changes now allow.
Do my Heirs have the right to keep my home?
Yes. The reverse mortgage will need to be repaid when you no longer occupy the home. Your heirs can either payoff the Reverse Mortgage Balance or refinance.
When the last person on title no longer lives in the home, and the value of the house is less than the reverse mortgage balance, who pays the difference.
The amount due on your reverse mortgage, will not exceed the present value of the home. This is one safeguard of a Reverse Mortgage.
Do I need to take all the funds at closing?
Only for a Fixed Rate Reverse Mortgage. How you take the proceeds, is up to you. You can take a lump sum, a monthly payment for life, a monthly payment for a specific amount of time or you can leave it as a line of credit or a combination. The choice is yours.
Nina Penny - Certified Reverse Mortgage Professional © 2023