Q: Is there only one kind of reverse mortgage?

A: No. In fact, there are several types of reverse mortgages that can affect the cost of the loan, the total amount of the loan, and even how you're able to spend the money you receive. Your Reverse Mortgage specialist understands all the rules for each, and can help you determine which type would be most beneficial for you.

Q: I'm interested but I have more questions. Who can I talk to?

A: Before getting a Reverse Mortgage, you will first have the opportunity to meet with an independent Reverse Mortgage counselor, face-to-face or over the phone -at no cost to you - to discuss your available finance options. This counselor will discuss all of your financial options, including Reverse Mortgage.   If a Reverse Mortgage is right for you, he or she will help you determine which type of Reverse Mortgage best fits your needs.

Q: What are the costs involved?

A:  Your Reverse Mortgage counselor will discuss the costs involved in obtaining a Reverse Mortgage, but most fees and costs are ‘financed’ with the loan, meaning that the amount you would pay for things like the Origination fee, Mortgage Insurance Premium, and so on, are treated as money that you borrow against the Reverse Mortgage.  Typically, Reverse Mortgage recipients only pay upfront for a small processing fee, a credit check, and a home inspection.

Q: My house is not paid off yet - can I still get a reverse mortgage?

A: Absolutely - as long as your equity is greater than the amount you still owe. If you currently owe money on your home, your Reverse Mortgage will pay off the balance; as part of this, you will never have a mortgage payment for as long as you stay in your home.

Q: If I get a reverse mortgage - does the bank own my house?

A: Absolutely not. With a reverse mortgage - you still own your home. Of course, that means you must continue to pay your property taxes, make necessary repairs to the home, and keep homeowner's insurance.  The title stays in your name for as long as you want.

Q: Will my children be responsible for repayment of the reverse mortgage?

A: No. A reverse mortgage is what is called a non-recourse loan. This means the bank can never come after any person or estate for repayment of the loan. The bank can only use the value of the home as repayment.

Q: Are there any restrictions I need to be aware of?

A: During your loan period, there may be restrictions for:

• Renting out your home
• Adding new owners to the home's title
• Changing your home's zoning classification, or
• Taking out new debt against your home

Your Reverse Mortgage counselor will go over all such restrictions during your counseling session, making sure that you meet all qualifications, and review alternative financial options if you do not.

Q: What if I change my mind?

A: Relax - even after you close your Reverse Mortgage – that is, after all the paper work is signed and you have agreed to the terms of the loan - you still have a chance to reconsider. Should you decide for any reason that you no longer want the loan, you have three days to cancel.  You will not be pressured into accepting the Reverse Mortgage.

Q: Isn't it selfish to get a reverse mortgage rather than leave my estate to my children?

A: Some potential reverse mortgage candidates are concerned they will have less home equity to leave their heirs – that is, until they actually speak with their heirs. 
Many adult children want to see their parents living comfortably and enjoying their retirement rather than struggling just to leave something behind. Besides, a reverse mortgage can actually grant seniors the freedom to help their children and grandchildren with expenses while they are still alive to see them enjoy it. And don't forget: your heirs will still receive the remaining equity on your home after the Reverse Mortgage is repaid.

Q:  I still want to know more. 

A:  Requesting a free information kit and DVD from Comfortable Retirement is a great place to start, and when you order we’ll refer you to a qualified, experienced Reverse Mortgage professional in your area.   Your counselor explain the ins and outs of a Reverse Mortgage, and will help you through the process if a Reverse Mortgage is right for you.

For more information and an expert referral to a qualified reverse mortgage professional: