| If I take out a reverse mortgage, does the bank take title to my home? |
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| No. The title of your house stays in your name just like a regular mortgage. |
| What happens to my home after I pass away? |
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| After the last borrower passes away or leaves the home, the house is sold and the loan is paid back. Any money left over from the sale will go back to the borrower’s estate. |
| Is the money I take from a reverse mortgage taxable? |
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| No. Because the money you receive from a reverse mortgage is a loan, the money is completely non-taxable. |
| Can I leave my home for an extended winter vacation? |
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| Of course you can. The terms of a reverse mortgage allow you to be out of your home for up to one year. |
| Are there any restrictions on how I use the money? |
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| No. You may use the money from a reverse mortgage for any purpose. You can use it to improve your home, pay your credit card bills or take that dream vacation. The choice is yours. |
| Is there a pre-payment penalty? |
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| No. You can pay off a reverse mortgage at any time without incurring a pre-payment penalty. |
| Can I change my payment plan – the way the reverse mortgage pays me - after I close the loan? |
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| As long as you have not exhausted all the funds available to you, you may change your payment plan whenever you want. |
| How much money can I receive? |
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The maximum amount of money you can receive
from a reverse mortgage varies depending on your age, the
value of your home and the prevailing interest rates. Generally,
the older you are, the more money is available to you.
To receive an estimate of the funds that could be available
to you, click on this link |
