Answer: No, if there is enough equity remaining in your home, a reverse mortgage may pay off any remaining loans on the property for qualified borrowers. Borrowers with a large mortgage should check with a Reverse Mortgage Expert to see if they qualify for a reverse mortgage program.
No, as long as you live in the property as your main residence and make insurance and property tax payments each month, you will not have to leave your home.
No, you will continue to own your home without giving up the ownership. However, the lender will have a lien against the property and any transfer of ownership requires the lien to be fully satisfied.
Yes, but by doing so the loan balance is due and payable to the lender. You may use the money from the sale to pay off the balance and keep any remaining funds.
No, it is up to the borrower, or your heirs to pay back the loan or sell the property. Similar to a regular mortgage, in a reverse mortgage, you keep the title of your home, along with the responsibility of which choice to make.
An experienced financial consultant is better suited to answer this question for you.
Frequently Asked Questions