FAQ

What is a Reverse Mortgage?
A reverse mortgage loan is a unique type of home financing that enables senior homeowners who are at least 62 years of age to access cash monthly or convert a portion of the property's value into instant money. But unlike a traditional equity line of credit or cash out refinance loans, there are no monthly payments ever due to a mortgage company. Think of a reverse mortgage like and annuity loan that pay the senior a premium each month. HUD offers a FHA reverse loan that ensures these benefits and it is federally-insured as well.

Can I qualify for a Reverse Mortgage?
FHA requires that you are a homeowner 62 years of age or older and that you meet with a HUD-approved counseling agency.

How does receiving the reverse mortgage check each month affect my Social Security benefits?
The IRS does not consider cash from a reverse home mortgage to be income, nor does it affect your Social Security or Medicare benefits.

Can the Mortgage Bank or Lender take my home if I live too long?
The answer is NO. You do not need to repay the home loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your value of your home.

Do I have to pay income tax on the proceeds?
Proceeds received from a reverse mortgage are loan advances and non taxable income.

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