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Can I change my mind after I close the loan?
If you change your mind within three days of closing the loan, you can cancel it. This is called the rescission period, and it gives borrowers the ability to cancel the loan without penalty. If you decide to cancel the loan after the rescission period, you can do so by paying back any proceeds you […]
Read MoreWhat if I outlive the loan?
The loan can last for the rest of your life so long as you uphold your obligation to pay taxes and insurance and keep the home in good repair.
Read MoreWhat happens if my home gains value?
If the value of your home increases, your equity increases. When you have a reverse mortgage, this means that if the home is sold to repay the loan after you pass away or decide to leave, more funds will be left over for you or your heirs. If there is a significant increase in value, […]
Read MoreWhat is a reverse mortgage loan?
A reverse mortgage is a unique financial tool unlike any other in that it offers borrowers the ability to access their home equity without the burden of monthly mortgage payments.ยน Using a reverse mortgage, you can access cash to supplement your income in retirement and age in place in your home.
Read MoreAre reverse mortgages only an option of last resort?
No, this is a common misconception. In fact, when used properly as part of an overall retirement income strategy, reverse mortgages can be a smart financial planning tool. In the last several years, retirement researchers and financial advisors have begun to embrace the use of reverse mortgages in retirement income planning.
Read MoreHow are my reverse mortgage fees and interest rates calculated?
The fees and interest rates of your reverse mortgage loan are tied to fixed or variable rates and based on an index and a margin. An AAG specialist can calculate your exact fees and rates based on the loan options you choose.
Read MoreWhat happens if I pass away during my loan before I receive the full amount of the loan?
If you pass away while you have a reverse mortgage loan, any funds that have not been accessed will be applied to your estate (they remain as equity in the home). When a borrower dies, heirs are given six months to either repay the loan or agree to the sale of the home. The proceeds […]
Read MoreWhere can I receive reverse mortgage loan counseling?
Before obtaining a reverse mortgage, you must undergo reverse mortgage counseling, which can be completed over the phone in some cases. You can find a list of HUD-approved counseling agencies near you here. You may also call AAG for a list of agencies near you.
Read MoreWhat can I use the funds for?
You can use the proceeds of your reverse mortgage loan for almost anything. Common uses include: Paying off an existing mortgage (a requirement of the loan) Paying medical bills Paying off a large bill Financing home repairs and renovations Paying for in-home care Spoiling the grandkids
Read MoreCan I have a reverse mortgage loan on a mobile home?
In general, mobile homes are not eligible. However, some HUD-approved manufactured homes that meet FHA guidelines are eligible. You must have a HUD seal affixed to the outside of the home, which confirms that the home meets Federal Manufactured Home Construction and Safety Standards. An AAG specialist can help you determine if your mobile home […]
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