Answers you can trust
Frequently Asked Questions
Clear, straightforward answers to the questions homeowners ask us most about reverse mortgages.
Common questions
Questions Homeowners Ask
If the home is no longer your primary residence, the reverse mortgage generally becomes due. Many homeowners choose to sell the property at that time, although other options may be available depending on the circumstances.
Yes.
Although monthly mortgage payments are generally not required, borrowers may choose to make voluntary payments toward the loan balance if they wish. There is no requirement to do so, but some homeowners like having that flexibility.
Every situation is unique.
Depending on the loan program and how the mortgage is structured, additional planning may be necessary. We'll review your household's circumstances carefully and explain how age eligibility may affect your options.
Loan proceeds are generally not considered taxable income, but tax situations vary.
We recommend discussing tax questions with a qualified tax professional who can provide advice specific to your circumstances.
In many cases, reverse mortgage proceeds do not affect Social Security or Medicare benefits because they are loan proceeds rather than income.
However, eligibility for certain need-based government assistance programs may be affected depending on how funds are received or managed.
If you receive public benefits, we'll encourage you to discuss your situation with the appropriate financial or legal professionals.
Sometimes.
Depending on changes in home value, interest rates, or available loan programs, refinancing may be possible if it provides a meaningful benefit.
We'll explain whether refinancing is available and whether it appears to make financial sense in your situation.
The timeline varies depending on the loan program and individual circumstances.
Factors such as the appraisal, financial review, counseling appointment, and underwriting all affect the overall process.
We'll provide an estimated timeline early in the process and keep you informed every step of the way.
Yes.
A reverse mortgage does not prevent your heirs from inheriting your home.
Like any property with a mortgage, however, the loan will need to be addressed as part of settling the estate. Many families choose to sell the property and retain any remaining equity after the loan is repaid. Others may decide to keep the home if they qualify to satisfy the loan under applicable guidelines.
We'll gladly explain how this process typically works so you and your family know what to expect.
No obligation, no pressure
Still Have Questions?
Every homeowner's situation is different, and no website can answer every question.
If there's something you're unsure about, we're here to help. Whether you're looking for a quick answer or want to discuss your retirement goals in more detail, we're happy to have a conversation.
Our goal isn't simply to explain reverse mortgages. It's to help you understand all of your options so you can make the decision that's right for you.