Your home is many things - safety, independance and memories to name a few. Now, with a reverse mortgage, it can also be a source of income. A Reverse mortgage can help you to meet your financial needs and insure that you can stay in your home as long as you choose.

1. What is a reverse mortgage?
   
   It is a loan against your home that does not have to be repaid for as long as you live in your home.
    
2. What is so unique about this program?
   
   You make no payments. It is a loan in reverse. Instead of making payments, you receive them.
    
3. Will this loan affect my Social Security or Medicare?
   
   No, absolutely not.
    
4. Will I have to pay income tax on the money I receive?
   
   No, the money is considered proceeds from a loan and therefore not taxable.
    
5. How much will I qualify for?
   
   It depends on your age or the age of your spouse, and the value of your home. The older you are the more money you will get.
    
6. Will I have to pay an application fee?
   
   Most lenders charge a fee at application for the appraisal. However, this fee is usually financed and the lender can refund the appraisal fee at closing.
    
7. When is the loan due?
   
   When you and your spouse no longer live in the home as a primary residence.
    
8. What will I owe?
   
   The amount of money disbursed to you plus interest and fees accrued.
    
9. Do I have to own my home free and clear?
   
   No. Even if you have an existing loan you may qualify.
    
10. If I get a reverse mortgage who owns my home?
    
    You remain the owner.
     
11. Can I sell whenever I want?
    
    Yes. You or your heirs (in the case of death) will be able to keep whatever money is left after the loan is repaid.
     
12. Are there any restrictions on how I use the funds?
    
    No - it’s your money - you decide.
     
13. Should I shop for the lowest interest rate?
    
    No. All reverse mortgage lenders must use a rate established by the program.
     
14. What questions should I ask a potential lender?
    
    Ask for a Good Faith Estimate to compare costs. Ask if they process and underwrite their loans in state (if out of state the processing time is much longer). Ask how long they have been working with reverse mortgages. You want an experienced lender.
     
15. Is it hard to qualify?
    
    No. You and your spouse must be 62+ and live in your home.
     
16. How can I be sure this is right for me?
    
    A meeting with a HUD approved housing agency is required. They will sit down with you and your family (if you like), to explain this program so you can make an informed decision.