(888) 982-0475

Answers to Reverse Mortgage Questions

Not finding what you’re looking for? We’re here to answer your questions. Call our Reverse Mortgage Brokerage today at (888) 982-0475 for a free consultation.

Click the links below to find answers on frequently asked questions.

What are the age requirements?

How may I use the funds?

What types of homes may be eligible?

What happens upon death?

Can you use one to buy a home?

Are there monthly payments?

Will I be forced to leave the home?

Will it negatively impact my children?

Are there income requirements?

Are there effects on other benefits?

Interested in a Reverse Mortgage?

Find Out What You May Qualify For

What are the age requirements for getting a Reverse Mortgage?

Borrowers must be at least 62 years of age to be eligible for the HECM program.

Borrowers must be at least 60 years of age to be eligible for a Proprietary Reverse Mortgage.

Back to Top

 

How may I use the funds from a Reverse Mortgage?

The reasons for obtaining a Reverse Mortgage are varied. Here are a few of the most common ways funds are used:

  • Eliminate monthly mortgage payments.
  • Eliminate debt like credit cards or other loans.
  • Pay for healthcare expenses.
  • Pay for in-home or long-term care.
  • Make home improvements or repairs.
  • Create an emergency fund.
  • Supplement retirement income to fund your lifestyle.

Back to Top

 

What types of homes are eligible for a Reverse Mortgage?

  • Single-family homes
  • Multi-family homes up to 4 units
  • Qualified condominiums
  • Manufactured homes approved by HUD
  • Some farms depending upon the acreage of land and the value of the home

Homes that do not qualify for the HECM program: second homes or vacation homes, investment properties (non-owner occupied), co-ops, and multi-family homes with more than 4 units.

Back to Top

 

What happens to the home and mortgage upon the death of the homeowners?

When the last surviving homeowner passes or leaves the house permanently, the Reverse Mortgage becomes due. The property does not go back to the bank. Instead, the heirs have several ways to settle the Reverse Mortgage loan.

  • They can keep the house and repay the loan.
  • They can sell the house, pay off the loan, and keep the equity.

Back to Top

 

Can you use a Reverse Mortgage to purchase a home?

Yes, you can. The Home Equity Conversion Mortgage (HECM) for Purchase (aka H4P) is a loan that allows borrowers 62 and older to buy a new primary residence with the proceeds from a HECM loan. The program allows seniors to purchase a new home and obtain a Reverse Mortgage in a single transaction.

Back to Top

 

Are there monthly mortgage payments with a Reverse Mortgage?

There are no required monthly mortgage payments. Although, the homeowner may choose to make mortgage payments if they would like. As well, the homeowner is still responsible for paying the property taxes, homeowners insurance, and any HOA dues on the property.

Back to Top

 

Are borrowers forced to leave the home?

If at any time the borrower fails to uphold their obligations, including paying property taxes, homeowners insurance, and HOA dues or fees, maintaining and repairing the house, and occupying the house as their principal residence, they will be in default and could face eviction.

Back to Top

 

Can a Reverse Mortgage negatively affect heirs?

A Reverse Mortgage is a non-recourse loan. That means neither your heirs nor your estate can ever owe more than the value of the home itself.

Back to Top

 

Are there income requirements?

Yes. Even though you do not have a required mortgage payment, the Lender will still look at things like income and credit to ensure you can continue paying your property taxes and homeowners insurance. Despite these requirements, a Reverse Mortgage is much easier to qualify for than a traditional mortgage, because you are not getting qualified to make a mortgage payment as well, and your credit score is not a factor (only payment history).

Back to Top

 

Are there impacts on Social Security, Medicare, or other benefit programs?

No, a Reverse Mortgage will not affect Social Security or Medicare benefits because it is based upon home equity and not income.

However, with other public benefits such as Medicaid and Supplemental Security Income (SSI), payments could possibly be affected by a Reverse Mortgage loan. We can help you determine if your benefits may be impacted

Back to Top

 

Taryn Proctor

Ready to get Started?

My name is Taryn Proctor, President of Retirement Home Equity Advisors. I serve senior homeowners through the States of Arizona, California, and Colorado helping them strategically leverage their homes equity, as a means of decreasing risk and improving financial stability throughout their retirement.

Call me today for a FREE consultation:
(888) 982-0475

Have Reverse Mortgage Questions? Let's Talk.

Retirement Home Equity Advisors | Reverse Mortgage Specialists
Retirement Home Equity Advisors | Reverse Mortgage Specialists
5.0
Based on 13 reviews
powered by Google
review us on
Gary StoefenGary Stoefen
03:35 17 Mar 22
Taryn and Deb were extremely helpful and concise with navigating a complex loan... scenario with many variables. They have much experience and work hard to make goals possible. We made the right choice and are grateful to have found this team of dedicated and knowledgeable specialists.read more
Larry OwensLarry Owens
23:56 30 Nov 21
When we first began our research, we discovered that most lenders do not have... much experience with reverse mortgages. However, once we received a referral to RHEA, we realized we were in the right place. Taryn is very knowledgeable about all the ins and outs of reverse mortgages, and she was able to guide us with care every step along the way. She answered all of our questions, provided good advice, and stayed helpful and responsive to the completion of our loan process.We are very satisfied and would highly recommend RHEA and Taryn!read more
Kevin CavanaughKevin Cavanaugh
16:27 18 Nov 21
Hello, I, Would Like To Write A Review Regarding aRhea Review. Regarding Taryn... Proctor, And Debra Giordino.At Retirement Home Equity Advisors Firm.Taryn And Debra Are On Top Of There Game. They Are Very Responsive,And Work Dillengently With There Clients To Achieve Your Objective. They Also Take The Proper Procedure And Make The Whole Process Simple To Understand.My Wife And I, Want To Say That With Taryn And Debra's Efficiency And Updated Progress On Our Reverse Mortgage Throughout The Duration of The Process Was Simplified And Updated At All Times All The Way Until Closing Date. We Would Like To Say You Have Been A Great Help.Thank You! (New Clients.)Kevin & Carolyne Cavanaugh.North Bay. California. (5) Star Review From Us.Great Service, Great People. Great Results. Give Them A Call, You Won't Be Disappointed. You'll Be Glad You Did.read more
Patty JacobPatty Jacob
08:09 18 Nov 21
Both Taryn & Deb were in constant communication, their professionalism was... Above & Beyond. Very friendly, this is who you want to work for you in obtaining your Reverse Mortgage. Not all Lenders are created equal. I am a very satisfied customer. A Big Thank You to both Taryn & Deb!read more
Sharen RingSharen Ring
23:30 22 Oct 21
Taryn & her assistant Debra were nothing short of awesome! An adjustable... reverse mortgage can be confusing at times but all my questions were answered even if I asked a second time for an explanation! Because they are a broker Taryn will search for the best lender for your situation! Don't hesitate to call!read more
js_loader

Customer Feedback

Taryn and Deb were extremely helpful and concise with navigating a complex loan scenario with many variables. They have much experience and work hard to make goals possible. We made the right choice and are grateful to have found this team of dedicated and knowledgeable specialists.

Gary S.

When we first began our research, we discovered that most brokers do not have much experience with reverse mortgages. However, once we received a referral to RHEA, we realized we were in the right place. Taryn is very knowledgeable about all the ins and outs of reverse mortgages, and she was able to guide us with care every step along the way. She answered all of our questions, provided good advice, and stayed helpful and responsive to the completion of our loan process. We are very satisfied and would highly recommend RHEA and Taryn!

Larry O.

Both Taryn & Deb were in constant communication, their professionalism was Above & Beyond. Very friendly, this is who you want to work for you in obtaining your Reverse Mortgage. Not all Brokers are created equal. I am a very satisfied customer. A Big Thank You to both Taryn & Deb!

Patty J.

First class all the way. Taryn walked me though a difficult closing and saved me thousands of dollars along the way. I would recommend her without reservation.

Karl S.

I was very lucky to get Taryn to do my loan, as she was able to explain everything so I could understand the loan. I would use her again or tell others how great she is. thank you Taryn.

Barbrara W.

Taryn and her team were terrific -- my loan had some complications regarding documentation that she persistently overcame. I ended up with a solid Reverse Mortgage at a great rate. I'm very satisfied.

Larry K.

Download Our Free Info Kit

Not sure if a reverse mortgage is right for you? Learn more about the pros and cons of reverse mortgages now with our free info kit. Please fill out the form below to receive your copy.

  • This field is for validation purposes and should be left unchanged.

Subscribe to Our Blog

Subscribe to our Blog

Full Name(Required)

Send Your Feedback

Strong Testimonials form submission spinner.

Required

What is your full name?
What is your email address?
What do you think about us?

Taryn and her team were

Taryn and her team were terrific — my loan had some complications regarding documentation that she persistently overcame. I ended up with a solid Reverse Mortgage at a great rate. I’m very satisfied.

Larry K.

I was very lucky to

I was very lucky to get Taryn to do my loan, as she was able to explain everything so I could understand. I would use her again or tell others how great she is. Thank You Taryn

Barbara W.

Taryn was very eager getting

Taryn was very eager getting back to me. She was very friendly and thorough. She made my refinancing go very smoothly. I would highly recommend Taryn for your Reverse Mortgage refinancing

Henry F.

Taryn handled our recent reverse

Taryn handled our recent reverse mortgage refi at a very high level of professionalism. I would highly recommend her services. Taryn always answered our questions and always returned our phone calls very quickly. My wife and I were so pleased with her attention to detail. We give five stars and she deserved them. A great professional.

Thomas P.

As a client of Taryn

As a client of Taryn Proctor, I found her to be skilled, knowledgeable, professional and quite pleasant. Through her effectiveness, the process of refinancing my existing reverse mortgage loan went smoothly, despite a couple of unforeseen obstacles that she handily resolved. Her written skills also played an important role in accomplishing this objective and I would highly recommend her to other potential clients.

Reul M.

Both Taryn & Deb were

Both Taryn & Deb were in constant communication, their professionalism was Above & Beyond. Very friendly, this is who you want to work for you in obtaining your Reverse Mortgage. Not all Lenders are created equal. I am a very satisfied customer. A Big Thank You to both Taryn & Deb!

Patty J.

Taryn and Deb were extremely

Taryn and Deb were extremely helpful and concise with navigating a complex loan scenario with many variables. They have much experience and work hard to make goals possible. We made the right choice and are grateful to have found this team of dedicated and knowledgeable specialists.

Gary S.

When we first began our

When we first began our research, we discovered that most lenders do not have much experience with reverse mortgages. However, once we received a referral to RHEA, we realized we were in the right place. Taryn is very knowledgeable about all the ins and outs of reverse mortgages, and she was able to guide us with care every step along the way. She answered all of our questions, provided good advice, and stayed helpful and responsive to the completion of our loan process. We are very satisfied and would highly recommend RHEA and Taryn!

Larry O.

Both Taryn & Deb were

Both Taryn & Deb were in constant communication, their professionalism was Above & Beyond. Very friendly, this is who you want to work for you in obtaining your Reverse Mortgage. Not all Lenders are created equal. I am a very satisfied customer. A Big Thank You to both Taryn & Deb!

Patty J.

First class all the way.

First class all the way. Taryn walked me though a difficult closing and saved me thousands of dollars along the way. I would recommend her without reservation.

Karl S.

I was very lucky to

I was very lucky to get Taryn to do my loan, as she was able to explain everything so I could understand the loan. I would use her again or tell others how great she is. thank you Taryn.

Barbrara W.