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Reverse Mortgage FAQs What are the requirements? Primarily, the borrower must be at least 62 years old and be an owner/occupant of the home. How is the money distributed? There are four payment options: a lump sum, a line of credit, a monthly distribution, or any combination of these. When does the reverse mortgage have to be repaid? Only when the last remaining borrower no longer uses the home as a primary residence. At this point, repayment can be made by refinancing or by sale of the house. All remaining equity goes to the estate. What must I do to keep a reverse mortgage? Borrowers must continue to do what most are already doing. You must occupy the home, pay the property taxes and home insurance premiums, and keep up the maintenance so that your home retains its value. Can I apply for a reverse mortgage if I have an existing mortgage on or other liens against my house? Yes. Your house does not have to be owned free and clear. However, the funds from the reverse mortgage must be a sufficient amount to pay off any existing mortgage debt or other liens. Can I repay the loan early? Yes. There is no pre-payment penalty. Do I retain ownership of my home? Yes. Your name remains on the title just as it is now. Does a reverse mortgage affect my Social Security benefits? A reverse mortgage will not affect your regular Social Security benefits. Depending on your situation, it may affect benefits from the federally administered Supplemental Security Income (SSI) program or the state-administered Medicaid program. Consult your housing counselor for any questions you have. Can I eventually owe more on the loan than the house is worth? No. Your liability is limited to the net sale proceeds from the sale of the property. You will have no personal liability for payment of the notes. No deficiency judgment may be taken against you or your estate. Are there limits to what I can use the money for? No. You may spend the money as you see fit. |
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Us Reverse Mortgage Links: What is a Reverse Mortgage? How Does a Reverse Mortgage Work? How You Can Use the Proceeds of a Reverse Mortgage Why Should You Apply For a Reverse Mortgage? Reverse Mortgage FAQs Resources to Learn More About Reverse Mortgages Traditional Mortgages Are Also Available |
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Great Oak Mortgage Corporation
3098 Piedmont Road, N.E., Suite 150
Atlanta, Georgia 30305
1-866-6-REVRSE
1-866-673-8773
404-231-3933
Great Oak Mortgage Corporation, a Georgia Residential Mortgage Licensee # 5968
© 2008 Great Oak Mortgage Corporation
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