With a reverse mortgage, you — not the lender, own and control your home. You can’t be kicked out so long as you uphold the terms of the loan.* As with a traditional forward mortgage, the lender simply puts a lien on the property to ensure the loan will be repaid. Learn More
*The right to remain in the home is contingent on paying property taxes and homeowner’s insurance, maintaining the home, and complying with the loan terms.
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
Read article from What are the borrower qualifications for a reverse mortgage?