What happens if I outlive the loan?
You cannot outlive a reverse mortgage. As long as you live in the home, maintain it, and meet your obligations, the loan does not come due.
Is counseling required?
Yes. Independent HUD-approved counseling is required to ensure you understand the program and your options.
What are the fees and costs involved?
There are typical closing costs like any mortgage — including origination fees, appraisal, title, and government insurance (FHA for HECM). These can usually be rolled into the loan.
Do I qualify if I still have a mortgage?
Yes, as long as the reverse mortgage proceeds are enough to pay off your current mortgage and you meet other eligibility criteria.
What can I use the funds for?
Anything you choose — supplementing retirement income, paying off debt, covering healthcare costs, or just improving your quality of life.
Will my children or heirs be stuck with debt?
No. Reverse mortgages are non-recourse loans, which means your heirs will never owe more than the home is worth at the time of repayment.
Can I make payments if I want to?
Yes! While payments are not required, you can make voluntary payments toward interest, principal, or both — with no prepayment penalties.
How is a reverse mortgage paid back?
The loan is repaid when the last borrower moves out, sells the home, or passes away. This typically happens through the sale of the home.
