Reverse Home Mortgages - Reverse Mortgage FAQs

Frequently Asked Questions about Reverse Mortgages

You can use the following information to learn more about reverse mortgages, their associated costs and benefits, and to better analyze whether a reverse mortgage program may be the right financial tool for you and your family. Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.

What are some basic qualification parameters?

How much cash can I get and how do I get paid?

What happens to my debt and what is the maximum I can owe?

Will there be anything left for the borrower or their heirs once the property is sold or the borrower no longer uses the home as their primary residence?

What are some of the costs associated with reverse mortgages?

Will receiving payments affect one's Social Security, Medicaid, or Medicare benefits?

Who owns the property, the lender or the borrower?

Is it possible to refinance a reverse mortgage if a better opportunity becomes available?