Frequently Asked Questions

Yes. Just like with a traditional mortgage, you retain title to your home.

The amount you may qualify for depends on factors such as your age, your home's value, current interest rates, and the reverse mortgage program you choose.

That's perfectly okay. Your existing mortgage is typically paid off using reverse mortgage proceeds, and any remaining available funds are yours to use as you choose.

No. Reverse mortgage proceeds generally do not affect Social Security or Medicare benefits because they are loan proceeds, not income.*

The loan is typically repaid when you sell the home, permanently move out, or the last eligible borrower passes away.

Yes. A HECM or SecureEquity for Purchase allows qualified borrowers (age 62+ for HECM and age 55+ (in most states) for SecureEquity) to buy a new primary residence without required monthly mortgage payments.**

Most borrowers will need identification, proof of income, recent mortgage statements (if applicable), homeowners’ insurance information, property tax information, and bank or investment statements. Your loan specialist will provide a complete list based on your situation.

The choice is yours. Many homeowners use a reverse mortgage to eliminate monthly mortgage payments, pay off credit card debt, supplement retirement income, preserve investments, pay for healthcare expenses, renovate their home, or establish a line of credit for future needs.

Yes. Your heirs inherit the home just as they would with any other mortgage. They can choose to sell the home, refinance the reverse mortgage, or pay off the balance and keep the property.
* Reverse mortgage proceeds are generally not considered taxable income. Please consult your tax advisor regarding your specific situation.
** Borrowers must continue to occupy the home as their primary residence and remain current on property taxes, homeowner’s insurance, home maintenance, and any applicable HOA dues.