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Just like any mortgage or home equity loan, you continue to own your home, with your name on the title. Of course, you must meet your loan obligations: keeping current with property taxes, homeowners insurance and maintenance.
Reverse mortgages are specifically designed to help older homeowners. The industry is also highly regulated: Any lender offering reverse mortgages must follow strict state and federal guidelines and regulations that are in place to protect borrowers.
Proceeds from your reverse mortgage would first be used to pay off any existing mortgage(s). Speak with us today to find out if you are eligible.
Your heirs will still inherit your home, but they will have to pay back the loan balance if they want to keep the home. Or, they can sell the home to repay the loan. Once it’s repaid, they receive any remaining equity — just like a traditional mortgage or home equity loan.
Many savvy homeowners use a reverse mortgage strategically — for example, as a safety net in case of emergencies. There have been a number of product advances that have made reverse mortgages more attractive in retirement planning. Today, financial advisors are also increasingly viewing them as an important option to be considered.
For us, it was a security blanket. The value of our house was to fund our long-term healthcare. Everybody should be taking a look at it. If they're over 62, they should at least investigate it. We've got great peace of mind. Whatever comes up, we're ready.
Greg & Katie, Retired Scientist & Admin. Assistant RMF Customers Since 2017
People think that the bank takes your home, but that is not true. I like the flexibility of not having a payment, but I can make a payment if I want to.† I advise you to call them. Make an appointment so they can tell you how it works. It's a good thing.
Pam, Retired Business Owner RMF Customer Since 2016
Many people have such a misunderstanding as to how a reverse mortgage works. Most people think the bank takes your house, but that's absolutely 100% wrong. You're responsible for keeping up with your property taxes and you're responsible for paying your insurance on the property. Without a doubt, one of the best financial tools we've learned about.
Elizabeth & Richard, Retired Finance Executives RMF Customers Since 2017
Source: RMF Customer Satisfaction Survey 2019 Source: LendingTree Ratings and Reviews, as of May 2020