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Reverse Mortgage FAQs

To fulfill the maintenance requirements of your reverse mortgage, it is necessary to adhere to the following guidelines:

  1. Primary Residence: You must continue to live in your home as your main place of residence. It should be the address listed on your official documents, such as your driver’s license and tax returns.

  2. Payment Obligations: It is crucial to stay current on payments associated with your property, including property taxes and homeowners insurance. Timely payment of these obligations helps protect the lender’s interest in the property.

  3. Home Maintenance: You are responsible for maintaining your home and property in a state of good repair. This entails taking care of routine maintenance tasks, such as addressing structural issues, keeping the property clean and tidy, and ensuring the home remains in a habitable condition.

By fulfilling these requirements, you contribute to the successful management of your reverse mortgage and help preserve the value of your property.

To qualify for a reverse mortgage, it is necessary to have a substantial amount of equity accumulated in your home. While there is no specific equity requirement, it is generally recommended to have at least 50% equity or more in your property. This is because the proceeds from the reverse mortgage are typically used to pay off any existing home loan first.

To determine your eligibility for a reverse mortgage and understand the equity requirements, it is advisable to consult with a reputable reverse mortgage lender who can assess your individual situation and provide personalized guidance. Contact us today to learn more. 

You do not have to make principal and interest payments as long as the home remains your primary residence. As long as you meet the loan terms, you do not have to repay a reverse mortgage until the home is sold or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home as their primary residence.

Reverse mortgages typically don’t impact regular Social Security or Medicare benefits. But because programs vary from state to state, be sure to consult a benefits professional before entering into a reverse mortgage.

No. Just like a traditional mortgage, as long as you continue to meet the loan terms, such as staying current on property taxes, homeowners insurance, and property charges, you retain full ownership. You can sell the home at any time.

A reverse mortgage may help you maintain a quality standard of living throughout your retirement years. Because a reverse mortgage is a tough decision that may affect other family members, we encourage you to involve them in your decision process.

When the home is sold or is no longer your primary residence, it’s time to repay the loan. After the loan is paid off, any remaining equity belongs to you or your estate and can be transferred to heirs.

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