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Will The Lender Take My House?

 If you meet and keep all borrower obligations current, nobody will take your home away.


Will The Lender Take My Home Away If I Outlive The Life of The Loan?

Absolutely Not! As long as at least one of the borrowers resides in the property, keep taxes and insures current, and keep the home in good repair, your home continues to be yours.


Can I Leave My Home To My Heirs?

Yes. Your estate or designated heirs may retain the property and satisfy the reverse mortgage debt by paying the lesser of the mortgage balance or 95% of the then-current appraised value of the home. Also with our complimentary gift of living trust your heirs could keep the home forever.


When Should I Consider Reverse Mortgage?

The length of time you maintain your extra mortgage can play a large role in determining the value of it’s benefit to you. If you intend to sell or otherwise vacate your home within the next two to three years, there may be better options to consider. If you know you will be staying in your home more than two or three years, then reverse mortgage could be considered.


Will I Lose My Government Assistance If I Get A Reverse Mortgage?

A reverse mortgage does not affect regular Social Security or Medicare benefits. If you are on Medicare or Supplemental Security Income (SSI), any reverse mortgage proceeds that you receive must be used immediately. Funds that you retain count as an asset and could impact eligibility.


Where Do I Get Expert Advice Before Applying For Reverse Mortgage?

We are required to assist potential applicants to find counseling centers because borrowers are required to participate in a counseling session as part of reverse mortgage approval process. Counselors are obligated by law to discuss the implications of this type of financing, as well as any other options that may be available.


What Are The Eligible Properties?

Eligible property types include single-family homes, 2-4 unit properties, manufactures homes (Built after June 1976), condominiums, and townhouses.


What Is The Effect of My Income or Credit History In Getting Reverse Mortgage?

We will evaluate your credit history to qualify you to reverse mortgage.


What If My Home Is In Living Trust?

A homeowner who has put the home in a living trust can usually take out a reverse mortgage.


What will Happen To My Existing Mortgage?

The new reverse mortgage must be the only lien attached to the property. If there is not enough equity in the home of pay off existing mortgage, you will be required to use your personal liquid assets to satisfy the difference.


Can I Get Revers Mortgage On An Investment or Resort Property, Second Home?

No, only a primary residence is eligible for reverse mortgage.


Can I Have More Than One Person On My Reverse Mortgage?

Yes. All homeowners on the note must be at least 62 years of age and occupy the home as their primary residence.



Can Somebody Who Is Not Related To Me Be On The Reverse Mortgage With Me?

Yes, as long as the applicant meets all age and occupancy requirements.


Can I Ever Refinance After Getting Reverse Mortgage?

Yes, a reverse mortgage can be refinanced into a new reverse mortgage or into a traditional mortgage.


How Does The Interest Work On A Reverse Mortgage?

With a reverse mortgage, you are charged interest only on the proceeds that your receive. Interest in not paid out of your available loan proceeds, but instead compounds over the life of the loan until payment repayment occurs.


What Is The Right Of Rescission?

This is your right to channel your loan, for three business days after your loan closing. Lenders are prohibited from charging interest on the funds which are held available for you during the three day rescission period.


Why Do I Need To Sign Two Mortgage And Notes At My Closing?

The Lender must complete a second mortgage and second note to secure any payment made by HUD to you. The second mortgage and second note secure any mortgage payments which might be made by HUD to you in the event that the lender fails to make the payment under the loan Agreement.


What Does “Non-Recourse Loan” Mean?

Most reverse mortgage loans are considered “non-recourse loans.” This means that you can never owe than the value of your home at the time you or heirs sell your home to repay your reverse mortgage. If you loan is a Home Equity Conversion Mortgage (“HECM”), the reverse mortgage debt may be satisfied by paying the lesser of the mortgage balance or 95%  of the current appraised value of the home.