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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.