Top Frequently Asked Questions
How does a Reverse Mortgage work?
Upon loan execution, your FHA-insured Reverse Mortgage or HECM will pay off your existing mortgage(s) and allowing you to live payment free as long as you continue to remain in your principal residence. The loan is repaid in full, when you decide to sell, permanently move, or pass on. The home is then passed onto the person or entity of your choice.
What happens if my home value increases?
When your home value increases, so does your equity. Any amount of equity beyond your principal balance from the Reverse mortgage is yours to keep. When the home is sold, the Reverse Mortgage is paid off, and the remaining equity is also yours to keep.
Will this FHA Reverse Mortgage affect my Social Security?
A Reverse Mortgage will typically not impact Social Security because it is not considered income.
Will the bank or government take my home after I pass away?
Your home will always remain yours with a Reverse Mortgage when you move onto the next world, your home is passed onto your loved ones.