Frequently Asked Questions
Who Retains Full Title Ownership?
The Senior retains full title ownership to the home. A reverse mortgage is simply an FHA loan. The senior or heirs may refinance or sell at any time. No prepayment penalty. The property does NOT go to FHA nor the lender upon the death of the homeowner. It belongs to the heirs
How much will I qualify for?
The Benefit amount is determined by the senior’s birth date and the home value. All borrowers must be 62 or older to qualify.
How Does This Affect My Social Security?
A reverse mortgage does not affect Social Security or Medicare benefits.
Are My Benefits Taxable?
No income tax is paid on any money received through a reverse mortgage.