Reverse Mortgage Facts

Reverse mortgage fact 1, you must be 62 years old.
Reverse mortgage fact 2, you should own your home outright.
Reverse mortgage fact 3, you must be able to pay the outstanding balance at the time of closing.
Reverse mortgage fact 4, you must live in the home.
Reverse mortgage fact 5, you can apply for a HECM even if you didn’t buy with FHA insurance.
Reverse mortgage fact 6, your home needs to be a single family home.
Reverse mortgage fact 7, if your home is 2-4 unit, you need to be living in one of the units.
Reverse mortgage fact 8, there is no monthly principal.
Reverse mortgage fact 9, there is no interest.
Reverse mortgage fact 10, you must pay insurance premiums.
Reverse mortgage fact 11, you must pay taxes.
Reverse mortgage fact 12, you must pay utilities.
Reverse mortgage fact 13, remaining equity can be transferred.
Reverse mortgage fact 14, no debt is passed over to estate or heirs.

These are just a few of the reverse mortgage fact you should know before applying for a reverse mortgage.

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