Do I still own my home?
Yes. You remain the owner of your home and can stay in it as long as you wish. You can never lose your home as long as you continue to meet the obligations of the loan such as living in the home as your primary residence, maintaining the home, and paying for property taxes and homeowners insurance
What if I already have a mortgage?
No problem. In fact many borrowers use the HECM loan proceeds to pay off and eliminate monthly mortgage payments and then give you the remaining proceeds.
Will I have a tax liability for the reverse mortgage money?
No. The money you receive is tax free and it is not considered income.
Are there any restrictions on what I can use the money for?
No. The cash proceeds from your loan can be used for any reason. Many borrowers use the money to supplement retirement income, pay off debt, pay for medical expenses or remodel their home.
Will my children lose their inheritance?
No. The loan is repaid once the borrower moves out of the home. Normally, the home is sold, the loan is paid off and the remaining equity goes to you or your heirs.
How much could I get?
The amount you can get depends on your age, your home value, current interest rates and the location of your home.