01How old do I need to be?+
HECM borrowers must be at least 62. Some private reverse mortgage programs have lower minimum ages, depending on the state and product. A spouse who is not a borrower can affect eligibility and protections, so I’ll review the household situation with you.
02Do I still own my home?+
Yes. With a HECM, you keep title to your home. The lender holds a mortgage lien, just as with other home loans. You must continue meeting the loan obligations, including taxes, insurance, maintenance, and primary-residence requirements.
03Are monthly mortgage payments really optional?+
A HECM does not require monthly principal-and-interest payments while you meet the loan terms. That does not remove property taxes, homeowners insurance, applicable association dues, or upkeep. Interest and fees added to the balance increase what is owed. Private reverse mortgage terms must be reviewed separately.
04Can I qualify if I still have a mortgage?+
Yes, if the existing mortgage can be paid off at closing using eligible reverse mortgage proceeds, your own funds, or a combination. The amount available depends on the program and your situation. I’ll help determine whether the payoff leaves enough benefit to support your goals.
05How much money could be available?+
For a HECM, the calculation considers the youngest borrower’s or eligible non-borrowing spouse’s age, interest rates, and the property value subject to FHA limits. Existing loan payoffs, costs, and any required set-asides reduce the funds available to you. Private programs use their own calculations; a home value alone is not a proceeds estimate.
06When does the loan have to be repaid?+
A HECM generally becomes due when the home is sold, no longer serves as the required principal residence, or after the last borrower dies, subject to protections for an eligible non-borrowing spouse. Failure to meet obligations can also trigger repayment. Moving into long-term care can affect occupancy eligibility. I’ll explain the events that matter for your household.
07What happens to my spouse or heirs?+
HECM co-borrowers and eligible non-borrowing spouses have different protections, so who is named on the loan matters. Once repayment is due, heirs may sell the home and keep remaining equity after the debt and sale costs, or explore keeping it by satisfying the loan. Deadlines and HECM non-recourse protections apply. I’ll help your family understand the loan structure; an estate-planning adviser can address your estate documents.
08What does a reverse mortgage cost?+
Costs can include origination and third-party closing fees, ongoing interest, and servicing fees where applicable. HECMs also have upfront and ongoing FHA mortgage insurance. Eligible costs may be financed, which reduces available proceeds or increases the balance. Private programs have their own fees and pricing. I’ll walk through the actual costs with you before you decide.
09Can I use a reverse mortgage to buy a home?+
Yes. A HECM for Purchase lets eligible borrowers buy a new primary residence using HECM proceeds and their own funds. It is not a zero-down purchase: your cash must cover the gap and applicable costs. Property taxes, insurance, upkeep, and other loan obligations continue.
10Is counseling required, and is this right for everyone?+
Independent counseling with a HUD-approved counselor is required for a HECM. A reverse mortgage may be a poor fit if you expect to move soon, cannot sustain property expenses, or its costs and effect on equity conflict with your goals. I’ll help compare it with keeping your current financing, refinancing, other equity options, or a move.
