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Reverse Mortgage Fact Page

How Can I Choose to Receive My Money?
You can choose to receive the money from a reverse 
mortgage in several ways
    All at once, in a single lump sum of cash
    As a regular monthly payment, either for life or a 
    designated period
    As a "creditline" account that lets you decide when 
    and how much is paid to you
    As a combination of the above payment methods

How Much Money Will I be Eligible For?
The amount of money you get from a reverse mortgage 
depends upon your age (or the age of the youngest borrower 
on title), appraised home value, current intrest rates, and the 
lending limit in your area. In general, the older you are and
the more valuable your home (and the less you owe on 
your home), the more money you can get.

What Do I Need To Do To Qualify?
As long as you own a home, are at least 62, and have 
enough equity in your home, you can get a reverse mortgage. 
There are no special income or medical requirements. 
The only credit requirement is that you cannot be in default 
on a HUD insured mortgage. Bankruptcy, foreclosure and late 
payments are allowed.

When Do I Pay Back My Loan?
No monthly payments are due on a reverse mortgage while 
the home remains your primary residence. The loan is repaid 
when the last remaining borrower on title ceases to occupy 
the home as a principal residence, whether you pass away, 
sell the home, or permanently move out. If the home is sold 
and the sales proceeds exceed the amount owed on the 
reverse mortgage, the excess money goes to you or your 
estate. If the home is sold and the sales proceeds do not cover 
the amount of the loan payoff, the lender cannot hold you or 
your heirs responsible for any shortfall.

Does The Lender Take The House?
No, this is a common misconception. The title remains in your 
name. Your home and any equity remaining will be passed on 
to heirs. Upon vacating your home as your primary residence 
the loan must be repaid.

Do My Heirs Have The Right To Keep My Home?
Yes, as long as they repay the loan with available funds or 
through a refinance, they do not have to sell the property.

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