FAQs
Contact Reverse Mortgages Only
Can I get a Reverse Mortgage Loan if there is already a mortgage on my home?
What types of homes qualify for a Reverse Mortgage Loan?
What if my home is in a trust?
Is my credit score part of the qualification process?
Is the condition of my home part of the qualification process?
If I know that I want a Reverse Mortgage Loan, so why do I have to receive counseling?
How are loan proceeds calculated?
What is the difference between the initial interest rate and the expected interest rate?
How can I receive my money?
Can I prepay my loan?
What is the difference between open-end and closed-end credit?
Will a Reverse Mortgage loan affect my SSI or Medicaid?
Will I have any tax liability for the Reverse Mortgage loan proceeds?
Can the interest charged on my loan principal be deducted for tax purposes?
What up front costs are associated with a Reverse Mortgage loan?
What it the typical process to obtain a Reverse Mortgage loan?
If there are no payments, what are my obligations?
What do you mean by “maintain” the home?
Can I have an impound account so that I don’t have to worry about payments for property taxes and insurance?
When does the loan become due and payable?
What is due when the loan is repaid?
Will I ever owe more than my home is worth?
Can the lender take my home if there is no more money available to me and I am still living in the home?
Can my heirs still inherit the property?
Do I or my heirs have to sell the property to repay the loan?
Will the lender own my home as soon as the Reverse Mortgage starts?

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