EMAIL FRIEND Frequently Asked Questions Q: Can I apply if we didn’t buy our present house with FHA mortgage insurance? A. Yes. While your property must meet FHA minimum standards, it doesn’t matter if you didn’t buy it with an FHA-insured mortgage. Your HUD reverse mortgage will be a new FHA-insured mortgage loan. 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: 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: If I have an existing first or second mortgage, can I get a reverse 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 ]