Reverse Mortgage FAQ’s

Can the lender take my home away if I outlive the loan?

No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current and maintains the property.

Will I still have an estate that I can leave to my heirs?

When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.

How much money can I get from my home?

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You can use an online calculator like the one on our mortgage tools page to get an idea of what you may be able to borrow.

What if the property is held in a trust?

You can still utilize the advantages as long as the trust is revocable. Most lenders require a review of your complete trust documents.

Can I take out a reverse mortgage on a mobile home?

Yes! If your mobile home was built after June 15, 1976 and meets HUD/FHA property standards.