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Find Answers About Reverse Mortgage

For your convenience, our most common questions from customers are answered below.

Does my home need to be mortgage free in order to receive a reverse mortgage?

No, if there is enough equity remaining in your home, a reverse mortgage may pay off any remaining loans on the property for qualified borrowers. Borrowers with a large mortgage should check with a Reverse Mortgage Expert to see if they qualify for a reverse mortgage program.

Will I be required to sell or leave my home if the amount I borrow surpasses the value of my home?

No, as long as you live in the property as your main residence and make insurance and property tax payments each month, you will not have to leave your home.

Do I lose the title (ownership) of my home with a reverse mortgage?

No, you will continue to own your home without giving up the ownership. However, the lender will have a lien against the property and any transfer of ownership requires the lien to be fully satisfied.

Can I sell my home?

Yes, but by doing so the loan balance is due and payable to the lender. You may use the money from the sale to pay off the balance and keep any remaining funds.

Does the lender sell my home when the Reverse Mortgage is due?

No, it is up to the borrower or your heirs to pay back the loan or sell the property. Similar to a regular mortgage, in a reverse mortgage, you keep the title of your home, along with the responsibility of whichever choice to make.

Will payments affect any benefits I receive through Social Security, Medicare, SSI, and/or Medicaid?

An experienced financial consultant is better suited to answer this question for you.