A reverse mortgage does not affect the borrower’s ability to leave the home to their heirs, but the loan must be repaid when the borrower passes away. This can mean selling the home to pay off the loan or using other assets to settle the balance if the heirs wish to keep the home.
It’s essential for borrowers to discuss these details with their heirs as part of estate planning. Learn More
Apart from mandatory reverse mortgage counseling costs and FHA insurance (on certain loans only), the fees for a reverse mortgage are generally the same as those for a traditional forward
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The largest misconception around reverse mortgages is that they’re dangerous. The truth is that these products are highly regulated by the US government and come with strict consumer protections that
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To be eligible for a reverse mortgage, you typically need to be a homeowner 62+. However, Finance of America also has an exclusive range of reverse mortgage options available in
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