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General HECM FAQs

What is a reverse mortgage?

How is a reverse mortgage different from a traditional mortgage?

Is it true that I can never owe more than my home is worth?

What is equity?

What is the benefit of a federally insured reverse mortgage?

How can a reverse mortgage help me?

What can I do with the money from my reverse mortgage?

Under what circumstances should I not consider a reverse mortgage?

Can I get expert advice before I apply for a Reverse Mortgage?

Can the lender take my home away if I outlive the life of the loan?

Could I lose government assistance by choosing to get a reverse mortgage?

Will I still have an estate that I can leave to my heirs?

What happens to my existing mortgage?

Can an individual appointed as Power of Attorney handle a reverse mortgage transaction on someone else's behalf?


HECM Eligibility FAQs

Am I eligible for a reverse mortgage?

Can I get a reverse mortgage on a second home, investment or resort property?

What types of homes are eligible for the reverse mortgage program?

How many people can I have on my reverse mortgage?

Can I add anyone to the title for the home after obtaining a reverse mortgage?

Can a non-relative be on the reverse mortgage with me?

Can I use the FHA Reverse Mortgage program to finance business or commercial property?


HECM for Purchase FAQs

What is a FHA reverse mortgage for purchase?

What is the purpose of the FHA reverse mortgage purchase program?

What if the subject property requires repairs?

Can the seller contribute to closing costs?

Are there any restrictions regarding the funds due at closing?


HECM Refinance FAQs

Can I ever refinance after obtaining reverse mortgage?

What is involved in refinancing an FHA reverse mortgage with another FHA reverse mortgage?

What are the closing costs?

Am I eligible for an FHA reverse mortgage if I am in default on my taxes or insurance?


Reverse Mortgage Application & Approval FAQs

What steps are involved in obtaining a Reverse Mortgage?

Is my information completely confidential?

How can I receive my money?

Why do I need to receive counseling?

How much can I receive?

Why am I being discouraged from obtaining a reverse mortgage?

Does signing the disclosures I receive obligate me to do anything?

Can I apply for a reverse mortgage if I did not buy my home with FHA mortgage insurance?

Will my income or credit history affect my ability to obtain a reverse mortgage?

My home is in a living trust; do I qualify for a Reverse Mortgage?

What is TALC and why should I know about it?

How long will it take to close the Reverse Mortgage?


HECM Closing Cost & Rate FAQs

What are the out of pocket costs?

Are there fees to apply for a reverse mortgage?

What does it mean when items on the Good Faith Estimate (GFE) are marked ¨POC¨?

Who controls interest rates on reverse mortgages?


After Obtaining Your HECM FAQs

Am I required to pay anything on my reverse mortgage?

Does the growth feature on the credit line mean that I am earning interest?

How does interest work on a reverse mortgage?

What do I owe on the home at the end of the mortgage?

When does the reverse mortgage become due and payable?


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