Frequently Asked Questions About Reverse Mortgages

Do I still own my home?

Yes. With a reverse mortgage you remain the owner of your home. You simply access a portion of your home equity while continuing to live in the property

Do I have to make monthly payments?

No. Reverse mortgages typically do not require monthly mortgage payments while you live in your home. The loan is usually repaid when the home is sold or when the home is no longer your primary residence

How much equity can I access?

The amount available depends on several factors including:
• your age
• the property value
• the location of the property
• any existing mortgage balanceOlder homeowners generally qualify for a larger percentage of their home equity

Is the money from a reverse mortgage taxable?

No. Reverse mortgage funds are generally tax-free because they are borrowed against your home equity rather than treated as income

What happens when the home is eventually sold?

When the home is sold, the reverse mortgage balance and interest are repaid from the sale proceeds. Any remaining equity belongs to you or your estate

Will this affect my ability to leave my home to my children?

You can still leave your home to your children.Your estate simply repays the reverse mortgage balance when the property is sold, and any remaining equity goes to your heirs.

How do I find out if a reverse mortgage makes sense for me?

Because every situation is different, we prepare a free written reverse mortgage analysis showing:
• how much equity you may be able to access
• estimated long-term costs
• how it may affect your estateThis allows you to review the numbers before making any decision.

Still have questions?
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