| Some Common Reverse Mortgage Questions...
What is a reverse mortgage?
A reverse mortgage is a loan against the equity in your home that does not require repayment as long as the home continues to be your primary residence.
How does it differ from a regular mortgage?
With a regular mortgage you pay the loan back with monthly payments. With a reverse mortgage the loan is paid back when you move out of the house, normally at the time of a sale or transfer of title to another, so you make no monthly payments.
Will a reverse mortgage lower my social secuirty or Medicare benefits?
No, these benefits are not based on your assets.
Can I lose my home as the result of a reverse mortgage?
No, unless you do not pay your property taxes or maintain your homeowner's policy, just like a regular forward mortgage.
I have a mortgage on my home; can I still get a reverse mortgage?
Yes, all liens against the home need to be paid off with the proceeds of the reverse mortgage.
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