Reverse Mortgages: Get The Facts!
Did you know?
- You can access your home equity without repaying the loan until you no longer live in the home.
- Reverse mortgages are most commonly used to pay off debts and for supplemental funds for expenses.
- The borrower remains the owner of the home. The title is still yours with a reverse mortgage.
- You are still responsible for paying your property taxes and homeowner;s insurance and for maintaining your home.
- Your heirs can keep the home if they repay the loan. They also can keep any proceeds after the sale of your home.
- Closing costs, like loan origination fees and mortgage insurance premiums, are usually paid with proceeds from the reverse mortgage.
- You must participate in counseling to ensure you understand the reverse mortgage process and the requirements.