FHA- Assist

Frequently Asked Questions

  
What is a reverse mortgage?
 
How is a reverse mortgage like a home equity loan? How is it different?
 
Can my current income influence my ability to get a reverse mortgage?
 
What are the advantages of a reverse mortgage?
 
I've heard that with a reverse mortgage the lender would own my home. Is this true?
 
Can I refinance a reverse mortgage, as I would be able to do with a traditional home mortgage?
 
Can a reverse mortgage lender take my home away if I outlive the loan?
 
How do you determine the amount of cash I am eligible for?
 
Are there any limits on how I use the money I receive from a reverse mortgage?
 
Is there a choice in how I receive the cash from my reverse mortgage?
 
Who can qualify for a reverse mortgage?
 
I still owe money on a first or second mortgage. Can I still get a reverse mortgage?
 
Can I get a reverse mortgage on a second home or resort property I own?
 
What kinds of homes are eligible for a reverse mortgage?
 
Would a home that is in a "living trust" be eligible for a reverse mortgage?
 
Are all reverse mortgages the same?
 
When will I have to pay the principal and interests cost of this loan?
 
What is a non-recourse loan?
 
If I take a reverse mortgage, will I still have an estate that I can leave to my heirs?
 
When the loan is due, will I ever owe more than my home is worth?
 
What fees are involved in a reverse mortgage?
 
Are reverse mortgage interest rates fixed or variable?
 
What is "TALC" and why should I know about it?
 
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