Frequently Asked Questions

To be eligible for a reverse mortgage:

• All titleholders must be age 62 or older.

• The home must be the borrowers’ primary residence, and must meet Federal Housing Authority (FHA) minimum property standards.

The short answer is No. Just like any other mortgage, with a reverse mortgage, your name remains on the title and you will still own your home.  It's important to know that you are still required to continue to pay for:  Property Taxes Homeowners Insurance Property Maintenance Failure to stay current with insurance payments can result in foreclosure.

You can take your funds as a

lump sum; monthly payments

for a specified time period, or

for as long as you live in the

home; a line of credit; or a

combination of these.

There are many misconceptions about reverse mortgages, so it is important to know the facts. A reverse mortgage, or HECM (Home Equity Conversion Mortgage) is a federally insured loan that allows you to tap into the equity you have built up in your home.

There are no restrictions once any existing mortgages or liens have been paid off. Many reverse mortgage borrowers use their cash payments to pay medical bills, update their home, travel or simply supplement their retirement income and more. 

No. A borrower may designate an heir of their choosing. The heir(s) will inherit the home after the last surviving borrower leaves the home.