Senior homeowners can tap into accumulated home equity to release cash flow.
Many retirees have worked all their lives to get to the point of relaxing and enjoying retirement years. A primary goal is to have a free and clear home. Although, there is an alternative to use the hard-earned equity in a primary residence towards living expenses, paying off debt and more. Reverse mortgage benefits may be used for a primary residence purchase as well.
Reverse Mortgage Facts
Learn more to find out if a reverse mortgage is a great fit.
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Frequently Asked Questions
1. Is it true that I can use a reverse mortgage for buying a home and why would I consider that?
Actually, yes for qualifying buyers. Reverse mortgages are not a low down payment program. A purchase a significant down payment is required based on the borrower’s age and loan terms. Although, using a reverse mortgage could keep other assets in place including taking a retirement account distribution which could be taxable.
2. Is it true that if someone obtains a reverse mortgage and dies, the mortgage company takes the house?
No, families of the borrower have 6 months to sell or pay off the mortgage. There are possible further extensions available. It is not a bank’s goal to foreclose on the property.
3. Does the bank own the home when a reverse mortgage is borrowed against a home?
No. Just like other mortgages, the owner remains on the title at all times.
4. Can I end up owing more than my house is worth?
FHA mortgage insurance covers any deficiency. This is a non-recourse loan which means other assets are not at risk.
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