Yes, however, there are restrictions on how money can be received if you are on Medicaid. For further questions, contact Social Security at 800.772.1213.
REVERSE MORTGAGE INFORMATION FOR HEIRS
Frequently Asked Questions
It’s your money, you may spend it any way you wish. Some examples are: pay off credit cards, establish college funds for family members, complete repairs on your home or just to receive supplemental income. The money is for you to better enjoy your golden years, use it at your own leisure.
Yes, a Reverse Mortgage loan will be used to pay off your current mortgage, thus eliminating your required monthly mortgage payments.
No, you are converting your home equity into cash. This can be verified with your tax preparer.
Not necessarily. Credit history, rather than credit score, is analyzed to make sure any derogatory accounts, if any, are documented and explained. Income & monthly expenses are compared to ensure you have the ability to pay real estate taxes and property insurance on your home.
Contact us at 1.800.556.7755 so that a qualified specialist can answer your questions and determine if you qualify for the program.
No, you do not have to make monthly payments on a Reverse Mortgage loan. Payment of property taxes and home insurance are obligatory to remain in the program.
The loan becomes due in instances such as: the last remaining borrower passes away, the home is sold or the home is no longer the primary residence of the borrower.
No. As a non-recourse loan, they are not personally liable for any portion of the mortgage debt. They have the option to sell the property & keep any remaining equity, refinance the property in their name or excuse themselves from all responsibility to the bank.