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Reverse Mortgage FAQ
With a little help from our Reverse Mortgage FAQ and some guidance from your Reverse Mortgage Professional, you’ll be well-versed with Reverse Mortgages in no time at all.
What is a Reverse Mortgage?
A Reverse Mortgage, in its simplest definition, is a government-insured loan. In a more descriptive definition, it is a financial tool that allows you to access the equity in your home and convert it into tax-free cash.
How does a Reverse Mortgage work?
With a Reverse Mortgage, there are no monthly payments from you. As one of your most important assets, your home usually holds a certain amount of equity. Because of this equity, when the time comes someday for the loan to be repaid, the value of the home when sold is able to re-pay the loan. Meanwhile, you are able to live in the home for as long as you like without making payments.
Will I still own my home with a Reverse Mortgage?
Yes. With a reverse mortgage, as long as you pay your taxes and insurance and otherwise comply with the loan terms, you will retain ownership of your home. The bank only takes title of your home if you do not meet these obligations. One of the most common misconceptions about Reverse Mortgages is this little piece of information. The truth is, as long as you pay your taxes and insurance and otherwise comply with the loan terms, you remain the owner of the home and may live there for as long as you wish.
What are the Reverse Mortgage qualifications?
To qualify for a Reverse Mortgage, you must be 62 years or older, own your home, and occupy it as your primary residence.
What are the benefits of a Reverse Mortgage?
- The funds lent to you are tax free.
- You can never owe more than the value of your home.
- As long as you reside in your home, you do not have to make payments on the loan.
- You will not lose Social Security or Medicare benefits.
- You are afforded greater financial freedom and control, providing you with security and dignity.
How much money do I qualify for?
How much money you qualify for depends on these factors:
- Your age (you must be 62 or older)
- Your home’s value (an independent appraiser will visit your home and determine what the current value is)
- The current Reverse Mortgage interest rates
- Mortgage Balance
We've done over 8,000 reverse mortgages and are one of the TOP 10 reverse mortgage lenders in the United States. We are blessed to be recognized as "The Top Educators" in the reverse mortgage business, and have been for over 10 years.
Our mission is to help folks see and understand all their options. Our goal is not to sell everyone a reverse mortgage. Rather, it's to help folks, just like you, decide if it's the right option for you. If it isn't, we tell you that - and spend the time to help you see what other alternatives may be better suited for your unique situation.
We are all about "education". We found that the best way to do that is through our short videos. The thing you will like most about our videos is that they are short - most are about 2 or 3 mins. long. They are to the point, no fluff, no selling.
"It was a very positive experience for me. I felt treated with dignity and understanding." — Marlene J. Counts, Austin TX
"We were able to accomplish this dream, they were truly amazing and a blessing to us - Thank You!"
— Billie Rowell, Fredricksburg TX
"Promptly and efficiently with professionalism and good communication." — James & Linda Connors, Georgetown, TX
"They were very patient, understanding and helpful every step of the way – I’m glad I chose Reverse Mortgage USA!" — Bobbie Foreman, Ennis TX
"They did a wonderful job. They went out of their way to help us. We were very happy with them." — Billy & Dewilla Woods, Clendenin WV