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Frequently Asked Questions
We’re Here to Answer All Of Your Questions About Reverse Mortgage Loans
You can always contact our reverse mortgage specialists, but read on for answers to some of the most common questions we receive.
The Loan You Want May Be a Form Away.
If you supply us with a little information, we will get in touch and will be ready to help you out.
Does the reverse mortgage lender own your home?
You remain the owner of your property. There is no change to the deed or title of your home when completing a reverse mortgage.
What if I live in Florida for half the year?
That’s fine, you just need to live in your primary residence for six months and a day.
Will your heirs receive more or less after you pass away than they would without a reverse mortgage?
It depends on what you do with your overall finances. Some families will receive more by being more efficient with the use of their portfolio of assets; however again, because this is not financial advice, it is very important that you consult with your financial advisor to make the best use of a reverse mortgage for your specific situation.
What if I go into a nursing home?
As long as you are simply rehabilitating and getting better, your home and reverse mortgage are still yours until two doctors agree it is impossible for you to ever return to your home.
When does the reverse mortgage have to be paid back?
Your reverse mortgage will become due when one of these things happen:
- You sell your home.
- You permanently move out of your home.
- The last person on the title passes away.
Your heirs will have two options. They can choose to sell the property, pay off the reverse mortgage balance and keep any remaining equity, or they can choose to keep the property by refinancing the balance of your reverse mortgage with a new mortgage in their name. Remember if the loan balance ever exceeds the home value, it does NOT trigger an early payoff or cause you to have to move out of your home.