What is a Reverse Mortgage?

Why is it called "Reverse"?

How does the Reverse Mortgage process work?

Preparation / Education
1) Initial Inquiry
2) Reverse Mortgage Counseling
3) Application
4) Appraisal
5) Title Work
6) Underwriting
7) Closing
8) After closing
9) Repayment

What are the Industry Consumer Safeguards?
1) Independent Counseling 
2) Standard & Capped Interest Rates
3) Limitation on Fees
4) Advance Disclosure
4) No Maturity Date
5) No Prepayment Penalty
6) Right of Rescission.
7) Asset Protection - Non-Recourse Loan
8) No Shared Appreciation


How does a Reverse Mortgage differ from a home equity loan?

Are there any restrictions on how I can use my money?

Do I have to pay Income tax on the proceeds?

Why is a Non Recourse Loan a good thing?

What Happens When the Loan Ends?

What happens to my debt?

What happens to our home when we pass away?

What's the most I can owe?

If my home appreciates in value while I have a Reverse Mortgage, who will be entitled to that money?

Can I be forced to sell or vacate my home if the money I owe on the loan exceeds the value of my home?

Will my heirs owe anything to the mortgage lender if I die before the loan is paid off?

Are there out-of-pocket costs?

What are the typical closing costs?

What is a Service Set-Aside Fee?

What is TALC (Total Annual Loan Cost)?

How safe are Reverse Mortgages?

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