Fast Facts about Reverse Mortgage
- All borrowers must be minimum 62 years of age
- No limit on home value
- You retain control of the title
- Proceeds are tax-free
- Social Security benefits and Medicare are not affected by a reverse mortgage
- No repayment is made until owner sells the home, moves out or passes away
- Interest rates can be Fixed or can be Adjustable with a cap.
- Closing costs and fees can be financed as part of the *loan.
- FHA insured/guaranteed programs available
- HUD regulated
- You or your heirs will never owe more than the value of your home.
- When loan is due, heirs can repay the loan and keep the house, or sell the house to repay the loan
(excess proceeds pass to the heirs)
- Interest is paid at the time the loan retires
*Independent HUD counseling fees & appraisal cost may have to be paid out of pocket.