Frequently Asked Questions
To be eligible for a reverse mortgage:
- All titleholders must be age 62 or older.
- The home must be the borrowers’ primary residence, and must meet Federal Housing Authority (FHA) minimum property standards.
- You must have sufficient home equity, one of our Senior Reverse Network experts can tell you if you have enough home equity to qualify.
No. Just like a traditional mortgage, as long as the terms of the loan are met, the borrowers retain full homeownership and can sell the home at any time.
This is determined by the age of the youngest borrower, or eligible Non-Borrowing Spouse, your home value, the amount of equity, FHA lending limits, the current interest rate, and the reverse mortgage product and payment option you choose. A reverse mortgage from Senior Reverse Network can provide you with a quote that’s tailored to your specific situation, with no cost or obligation.
You can take your funds as a lump sum; monthly payments for a specified time period, or for as long as you live in the home; a line of credit; or a combination of these.
A reverse mortgage may help you plan for a more comfortable retirement, lived with greater financial independence. At Senior Reverse Network we encourage you to involve family members in your decision process — so you can make the choice that’s right for you. When the home is sold or is no longer your primary residence, the loan must be repaid. Any remaining equity belongs to you or your estate, and can be transferred to heirs.
In addition to interest, the costs can include a property appraisal fee, origination fee, closing costs, mortgage insurance premium, servicing fee and a modest charge for HECM counseling. While closing costs vary based upon the type and size of the loan, they’re the same as those for any traditional mortgage. You can roll most of the up-front costs into the loan, so out-of-pocket expense can be minimized. One of our Senior Reverse Network experts will be pleased to give you a detailed cost breakdown.