What Happens To My Home?
Nothing happens to your home — you remain the owner for as long as you live there, and you cannot be forced to move. Unlike a traditional mortgage, however, your balance cannot exceed the value of your home when you sell it. So no matter how much money you receive through your reverse mortgage, you cannot owe more than your home is worth. Having that assurance is important. After all, you’ve put a lot of money into your home, and you should have control over how to take it out.
- There are no income, employment or credit qualifying restrictions.
- Maximum loan amount is based on age, where borrower lives and the value of the home. The amount owed cannot exceed property value, so a reverse mortgage cannot cause you to lose your home.
- You do not need to repay the loan as long as you or one of the borrowers continue to live in the house, keep the taxes current and maintain the property to FHA standards.
As long as all property tax, insurance and maintenance requirements are met:
- You cannot owe more than the value of the home.
- You retain title to the property.
- You receive payments instead of making them.