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Most Frequently Asked Questions

Reverse mortgages are becoming an increasingly popular way for seniors to supplement their retirement. However, for those who are unfamiliar with a reverse mortgage, the concept can be a bit confusing. If you are interested in learning more, please don’t hesitate to call us at (949) 891-2053. One of our trusted advisors will be happy to assist you at no cost.

Below you can also find answers to some common questions regarding reverse mortgages.

1. Will the bank own my home?

2. If I have a reverse mortgage, will I still be able to leave the estate to my heirs?

3. What is the difference between a reverse mortgage and a regular mortgage?

4. What is the difference between a reverse mortgage and home equity loan?

5. Can I still get a reverse mortgage if I already have an ongoing mortgage or home equity loan on my property?

6. What are the upfront costs associated with a reverse mortgage?

Q. Will the bank own my home?

A: No, you will always retain title to your home and you have the right to sell or refinance your home at any time. All you are doing is putting a mortgage against your home, which will be paid back in the future when you no longer live in the home as your primary residence.

Q. If I have a reverse mortgage, will I still be able to leave the estate to my heirs?

A: Yes. Your heirs will still be able to inherit the estate. They will have the option to refinance the home and keep it, or sell the home and cash out on the equity.

Q. What is the difference between a reverse mortgage and a regular mortgage?

A: With a traditional mortgage, the buyer pays some percentage of the home value as down payment and then pays off the rest of the home over time. In a reverse mortgage, the homeowner already owns the property and receives payment that is added to the balance of the mortgage. The loan does not have to be paid off until the borrower passes away or no longer uses the home as their primary residence.

Q. What is the difference between a reverse mortgage and home equity loan?

A: While both reverse mortgages and home equity loans enable the borrower to turn the equity in their home into spendable dollars, there are important differences between the two. A home equity loan requires monthly payments that begin as soon as the loan is settled. It is also strongly based on the borrower’s income and credit history. In contrast, a reverse mortgage does not have to be repaid as long as the home remains the senior’s primary residence. In addition, there are no income or credit requirements that must be met in order to qualify.

Q. Can I still get a reverse mortgage if I already have an ongoing mortgage or home equity loan on my property?

A: Yes, you may still be eligible for a reverse mortgage even if you still owe money on a mortgage or home equity loan. The funds you would receive from the reverse mortgage may be used to pay off whatever existing mortgages you have on the property.

Q. What are the upfront costs associated with a reverse mortgage?

A: You do not have to pay anything up front to get a reverse mortgage. Any costs, such as origination fees, third-party closing costs and FHA mortgage insurance premiums, can be financed as part of the loan.

 

 

 

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