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Frequently Asked Questions About Reverse Mortgages

What is a reverse mortgage?

How does a reverse mortgage work?

What are the benefits of a reverse mortgage?

What are my obligations?

What if I don’t meet my reverse mortgage obligations? What are my options?

What is the role of my reverse mortgage company/servicer?

What happens if I don’t pay my property-related expenses or don’t maintain my home?

Will I have to repay the loan?

Can I leave my home to my heirs?

What if the sale of my home is not enough to cover the debt?

Can my heirs contact a HUD-approved counselor or my mortgage servicer on my behalf?

Can I add a borrower to the reverse mortgage?

Where can I get help if I am struggling to pay my property-related expenses?

Who should I contact if I think I’m being scammed?

What if I am already in default?

What if I have received a foreclosure notice?

Get help

Learn about what help is available and who to contact.

 

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Learn about your responsibilities

Understand your reverse mortgage responsibilities.
 

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Frequently asked questions

Find the answers to common questions concerning your reverse mortgage.

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