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Category Archives for FAQs

Will a Reverse Mortgage Affect my Social Security?

Social Security Cards

Social Security and Medicare benefits are not generally affected by a reverse mortgage loan. However, a reverse mortgage loan may affect other programs, such as SSI and Medicaid. These programs are provided to people who have “limited” income and resources.  Therefore, if you receive a large sum of cash from a reverse mortgage which is not […]

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Can a Reverse Mortgage Loan be Reversed?

Reverse Your Reverse Mortgage

There are ways to “reverse”* your reverse mortgage loan.  The circumstances under which you want to do this may vary, and so will the steps you have to take.  Let’s take a look at a few different situations and how to handle each.Reversing a Reverse Mortgage Loan That Has Not Closed Yet:If you have applied […]

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Can a Reverse Mortgage Be Paid Off Early?

Savings Photo

Yes!  A reverse mortgage loan can be paid off at any time.  In fact, most reverse mortgage loans have NO pre-payment penalties.  So, if you happen to win the lottery after you get a reverse mortgage loan, feel free to pay it off!  Or not…it’s up to you. Thanks for reading…..don’t forget to sign up for […]

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Reverse Mortgage Loans: What Happens to the Home After Death?

Once all borrowers on the reverse mortgage loan have passed away (or moved out of the home), the reverse mortgage loan will become due.  If you are an heir to a deceased reverse mortgage loan borrower, what are your options? Let me preface this by saying that the lender/bank does not automatically get the home.  They […]

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Can I Use a Reverse Mortgage Loan to Payoff My House?

Mortgage Statement

One of the big myths surrounding a reverse mortgage loan is that the home has to be owned free and clear in order to get a reverse mortgage loan. This is not the case. You do, however, need to have equity to make it work. Let’s look at an example of how the reverse mortgage loan […]

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If I Get a Reverse Mortgage Loan, Does That Mean I Cannot Sell the Home?

Home for Sale

Many times people fear that they will lose control of their home if they take out a reverse mortgage loan. If you take out a reverse mortgage loan, the lender/bank does not own your home, nor do they have control over it. In fact, the title to the home is still in your name. The […]

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How Does a Reverse Mortgage Loan Work?

How Does a Reverse Mortgage Work

A reverse mortgage is a loan that allows seniors (age 62 and above) to borrow a portion of their home equity without having to make a monthly mortgage payment.  Obviously, in order for the lender to allow seniors to borrow a portion of their equity, the senior must first have equity to borrow.  Although the lender […]

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