Reverse Mortgage FAQ

While nothing replaces the customized advice of an experienced reverse mortgage specialist, these reverse mortgage FAQs can get you started. These FAQs have not been reviewed or approved by FHA/HUD.

What is…

Q: What is a reverse mortgage?
Q: What is a reverse non-recourse loan?
Q: Are there different types of reverse mortgages?

Eligibility

Q: What are the reverse mortgage rules or requirements?
Q: Who is eligible for a reverse mortgage?
Q: What types of homes are eligible?
Q: If I still owe money on a first or second mortgage, can I qualify for a reverse mortgage?
Q: What are HUD reverse mortgage requirements?

Interest Rates / Costs / Payout

Q: How much can I borrow?
Q: How do reverse mortgage interest rates work?
Q: Should I get a Fixed Rate or an Adjustable Rate Reverse Mortgage?
Q: What kind of reverse mortgage rates and fees can I expect?
Q: How can I get the cash from a reverse mortgage?
Q: What are reverse mortgage costs?
Q: Are there any restrictions on what I can do with the money?
Q: Am I able to use a reverse mortgage to purchase a home?
Q: When do I have to pay back the loan?

Reverse Mortgage Lending

Q: Will the bank own my home?
Q: How will this affect the estate I leave to my heirs?
Q: What is the most I can owe?
Q: Will this affect any of my other benefits?
Q: How do I choose the best reverse mortgage lender?
Q: How can I compare products and features?
Q: What are the reverse mortgage disadvantages?
Q: What are reverse mortgage pros and cons?

Have you read through the FAQs on reverse mortgages and want to get started? Request a free quote or call David Chee today at (800)967-3575.

Request a Free, Customized Quote