EMAIL FRIEND Frequently Asked Questions Q: If I have an existing first or second mortgage, can I get a reverse mortgage? A. . Yes, you may be eligible for a reverse mortgage - even if you still owe money on a first or second mortgage. You must use reverse mortgage proceeds to pay off the existing mortgage balances, however. Related Links Q: What is a reverse mortgage? Q: When did the Home Equity Conversion Mortgage or Reverse Mortgage start? Q: Why did Congress pass the HECM Act? Q: Approximately how many people have used reverse mortgages? Q: How is a reverse mortgage like a home equity loan? How is it different? Q: How do I qualify? Q: What types of properties are eligible? Q: Can I apply if we didn’t buy our present house with FHA mortgage insurance? Q: How much money can I receive? Q: How can I receive payments? Q: Are there considerations to consider when selecting a payout plan? Q: What costs and fees are associated with a reverse mortgage? Q: How much cash will I have to come up with for closing costs? Q: Why should I ask the lender to explain TALC rates? Q: What are the tax consequences of a reverse mortgage? Q: If I take on a reverse mortgage, how will it affect my government benefits? Q: Can my current income influence my ability to get a reverse mortgage? Q: Can my credit history influence my ability to get a reverse mortgage? Q: Will I continue to own my home? Q: When must a reverse mortgage loan be repaid? Q: What kinds of reverse mortgages are available? Q: Are reverse mortgage interest rates fixed or variable? Q: Can I refinance a reverse mortgage, as I can with a traditional home mortgage? Q: Can I get a reverse mortgage on a second home or resort property? Q: Would a home that is in a "living trust"/ "life estate" be eligible for a reverse mortgage? Q: Can a reverse mortgage lender take my home away? Q: If I obtain a reverse mortgage, will I still have an estate that I can leave to my heirs? Q: Must my heirs sell the property to repay the reverse mortgage loan? Q: Why must I speak with a counselor before completing my reverse mortgage application? Q: Should we use an estate planning service to find a reverse mortgage? [ PRIVACY POLICY ]     [ TERMS OF USE ]