Answers to Commonly Asked Questions - Best Reverse Mortgage Lender
Q. 1. A Reverse Mortgage, what is it?
A. If you are 62 or older a Reverse Mortgage allows you to convert the equity in your
home into tax free income. Also a Reverse Mortgage allows you to maintain ownership
by keeping the Title in your name.
Q. 2. What is the difference between a Reverse Mortgage and a Home Equity Loan?
A. A home equity loan requires you to make regular monthly payments unlike a reverse mortgage. You will not be
responsible to make payments as long as you stay in your home.
Q. 3. Are there income requirements to qualify for a reverse mortgage?
A. With a Reverse Mortgage you are not required to make any payments so no, there are no income requirements.
Q. 4. What advantages are there if I take out a Reverse Mortgage?
A. The most significant advantage is that you will be able to remain independent. This program allows to maintain
ownership, requires no monthly payments, this loan will not affect any monies that you receive from a pension or
Social Security and you can use the tax free income for any purpose.
Q. 5. Can the lender take my home?
A. The lender is only providing a loan to the borrower but since the homeowner retains title they will be responsible
to pay the insurance, taxes, home maintenance, utilities and other expenses. They would make the same payments
just as they would with any other mortgage.
Q. 6. Can you refinance a reverse mortgage?
A. Yes.
Q. 7. Can my loan balance become greater than the value of my home?
A. No. You can never owe more than what your home is worth.
Q. 8. Can the lender take my home away if I outlive the loan?
A. No they cannot and you will not need to repay the loan as long as you or another borrower lives in the house and
keep the insurance and taxes paid.
Q. 9. How much money can I get?
A. The amount you will receive depends on your age, the type of loan you select, the appraised value, the location
of your property and current interest rates.
Q. 10. Are there restrictions on how I can use the money I receive from a reverse mortgage?
A. No, you can use the money for anything you choose:
Daily expenses, health care, home improvements or paying off existing debts.
Q. 11. In what ways can I receive the money from a reverse mortgage?
A. There Are 4 Options When It Comes To Receiving Your Money
* You can receive your money all at once as one lump sum.
* You can choose to receive your money in regular monthly payments for life.
* You can set up an account that works like a "credit line" which will grow each year you own your home. This lets
you decide when and how much money to take.
Q. 12. What requirements or restrictions are involved in the reverse mortgage process?
A. The property that you wish to take out equity from must be you primary residence. As long as you are 62 or older
there are no credit, health or income requirements.
Q. 13. If I already have a first or second mortgage can I still get a reverse mortgage?
A. Yes. You could qualify for a reverse mortgage. A portion of the funds you receive will payoff all existing liens.
Q. 14. What kinds of properties are eligible for a reverse mortgage?
A. The property must be your primary residence and a one-unit home. Some programs allow for a two-to-four unit
buildings and condos but only if they are owner occupied. Co-ops and mobile homes don't qualify.
Q. 15. Is a home that held in a "living trust" eligible?
A. Yes. In most cases but the trust documentation must be reviewed.
Q 16. When must the loan be replayed?
A. The loan becomes due when the last borrower sells the home or passes away, all borrowers move out, the last
surviving borrower has failed to live in the home for 12 consecutive months, you fail to pay your home owners
insurance, taxes or you let the property deteriorate beyond reasonable wear and tear, and do not correct the
problems.
Q. 17. What is owed when a reverse mortgage loan is repaid?
A. You will need to repay the mortgage principal, service fees and interest charges.
Q. 18. Must the property be sold to repay the reverse mortgage loan?
A. No. You can refinance with a conventional loan or use other assets.
Q. 19. What are the costs and fees?
A. Most reverse mortgages have closing costs such as an application fee an origination fee and a monthly servicing
fee. All these fees can be paid by the reverse mortgage itself.
Q. 20. Are reverse mortgage interest rates fixed or variable?
A. There are both fixed and adjustable rate programs available but not all lenders have access to all the different
programs as we do.
Q. 21. What are there tax consequences? Does it affect my Social Security and Medicare
benefits?
A. Because a reverse mortgage is considered a loan advance, the IRS considers that not taxable. A reverse
mortgage will not affect your Social Security or Medicare benefits.
The Interest on reverse mortgages is not deductible until the loan is paid off entirely. Check with a tax professional if
there are more specific concerns.
A. If you are 62 or older a Reverse Mortgage allows you to convert the equity in your
home into tax free income. Also a Reverse Mortgage allows you to maintain ownership
by keeping the Title in your name.
Q. 2. What is the difference between a Reverse Mortgage and a Home Equity Loan?
A. A home equity loan requires you to make regular monthly payments unlike a reverse mortgage. You will not be
responsible to make payments as long as you stay in your home.
Q. 3. Are there income requirements to qualify for a reverse mortgage?
A. With a Reverse Mortgage you are not required to make any payments so no, there are no income requirements.
Q. 4. What advantages are there if I take out a Reverse Mortgage?
A. The most significant advantage is that you will be able to remain independent. This program allows to maintain
ownership, requires no monthly payments, this loan will not affect any monies that you receive from a pension or
Social Security and you can use the tax free income for any purpose.
Q. 5. Can the lender take my home?
A. The lender is only providing a loan to the borrower but since the homeowner retains title they will be responsible
to pay the insurance, taxes, home maintenance, utilities and other expenses. They would make the same payments
just as they would with any other mortgage.
Q. 6. Can you refinance a reverse mortgage?
A. Yes.
Q. 7. Can my loan balance become greater than the value of my home?
A. No. You can never owe more than what your home is worth.
Q. 8. Can the lender take my home away if I outlive the loan?
A. No they cannot and you will not need to repay the loan as long as you or another borrower lives in the house and
keep the insurance and taxes paid.
Q. 9. How much money can I get?
A. The amount you will receive depends on your age, the type of loan you select, the appraised value, the location
of your property and current interest rates.
Q. 10. Are there restrictions on how I can use the money I receive from a reverse mortgage?
A. No, you can use the money for anything you choose:
Daily expenses, health care, home improvements or paying off existing debts.
Q. 11. In what ways can I receive the money from a reverse mortgage?
A. There Are 4 Options When It Comes To Receiving Your Money
* You can receive your money all at once as one lump sum.
* You can choose to receive your money in regular monthly payments for life.
* You can set up an account that works like a "credit line" which will grow each year you own your home. This lets
you decide when and how much money to take.
Q. 12. What requirements or restrictions are involved in the reverse mortgage process?
A. The property that you wish to take out equity from must be you primary residence. As long as you are 62 or older
there are no credit, health or income requirements.
Q. 13. If I already have a first or second mortgage can I still get a reverse mortgage?
A. Yes. You could qualify for a reverse mortgage. A portion of the funds you receive will payoff all existing liens.
Q. 14. What kinds of properties are eligible for a reverse mortgage?
A. The property must be your primary residence and a one-unit home. Some programs allow for a two-to-four unit
buildings and condos but only if they are owner occupied. Co-ops and mobile homes don't qualify.
Q. 15. Is a home that held in a "living trust" eligible?
A. Yes. In most cases but the trust documentation must be reviewed.
Q 16. When must the loan be replayed?
A. The loan becomes due when the last borrower sells the home or passes away, all borrowers move out, the last
surviving borrower has failed to live in the home for 12 consecutive months, you fail to pay your home owners
insurance, taxes or you let the property deteriorate beyond reasonable wear and tear, and do not correct the
problems.
Q. 17. What is owed when a reverse mortgage loan is repaid?
A. You will need to repay the mortgage principal, service fees and interest charges.
Q. 18. Must the property be sold to repay the reverse mortgage loan?
A. No. You can refinance with a conventional loan or use other assets.
Q. 19. What are the costs and fees?
A. Most reverse mortgages have closing costs such as an application fee an origination fee and a monthly servicing
fee. All these fees can be paid by the reverse mortgage itself.
Q. 20. Are reverse mortgage interest rates fixed or variable?
A. There are both fixed and adjustable rate programs available but not all lenders have access to all the different
programs as we do.
Q. 21. What are there tax consequences? Does it affect my Social Security and Medicare
benefits?
A. Because a reverse mortgage is considered a loan advance, the IRS considers that not taxable. A reverse
mortgage will not affect your Social Security or Medicare benefits.
The Interest on reverse mortgages is not deductible until the loan is paid off entirely. Check with a tax professional if
there are more specific concerns.
For a while Reverse Mortgages have had some negative misconceptions attached to them but today seniors are
required to attend counseling performed by an independent third party which acts as a safe guard to ensure that
view Reverse Mortgages in a different light.
Borrowers can never lose their home or be forced to move out, they can benefit from any appreciation in the value
of their home and their heirs can never owe more than the resale value of the house.
There are 3 types of Reverse Mortgage Programs and the most popular of them is the Home Equity Conversion
Mortgage (HECM) which still accounts for more than 90% of all Reverse Mortgages. The Department of Housing and
Urban Development (HUD) estimates that approximately 300,000 seniors have taken advantage of this specific
Reverse mortgage program making it the most popular Reverse Mortgage Program by far.
Each year since it's inception there has been record setting closings for Reverse Mortgages. Closings for Reverse
Mortgages have jumped from 157 loans in 1990 to 76,351 in Fiscal year 2006, to 107,558 loans in Fiscal Year 2007
all the way up to 112,554 loans in 2008. In Fiscal Year 2009 there has already been 10,121 Reverse Mortgage
Loans endorsed by HUD.
required to attend counseling performed by an independent third party which acts as a safe guard to ensure that
view Reverse Mortgages in a different light.
Borrowers can never lose their home or be forced to move out, they can benefit from any appreciation in the value
of their home and their heirs can never owe more than the resale value of the house.
There are 3 types of Reverse Mortgage Programs and the most popular of them is the Home Equity Conversion
Mortgage (HECM) which still accounts for more than 90% of all Reverse Mortgages. The Department of Housing and
Urban Development (HUD) estimates that approximately 300,000 seniors have taken advantage of this specific
Reverse mortgage program making it the most popular Reverse Mortgage Program by far.
Each year since it's inception there has been record setting closings for Reverse Mortgages. Closings for Reverse
Mortgages have jumped from 157 loans in 1990 to 76,351 in Fiscal year 2006, to 107,558 loans in Fiscal Year 2007
all the way up to 112,554 loans in 2008. In Fiscal Year 2009 there has already been 10,121 Reverse Mortgage
Loans endorsed by HUD.
Reverse Mortgage Applications Soar, Up 85%
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