Reverse Mortgage - Reverse Mortgages - Common Questions

The reverse mortgage is exactly what it sounds like. Instead of you making payments to a lender, the lender makes payments to you. While that may sound fantastic, the similarities pretty much end there. As payments are made to you, more and more of the equity in your home is converted into debt. That debt grows at an interest rate that is typically one to two points higher than a normal mortgage or refinance. This can result in the equity running out much quicker than expected.

The number one question regarding reverse mortgages has to do with equity. Specifically, what happens if the equity is all used up before the borrower dies or the home is sold? Do you lose the home, get foreclosed on or what? In the past, the ugly answer is that you would lose the home. Since senior citizens sitting on a curb did not go over well, the government stepped in. Most plans now allow you to stay in the home even if the equity is used up entirely. Some plans even call for payments to continue to be made to you. Obviously, you need to read the fine print on the loan to figure this out.

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Learn about alternatives to a reverse mortgage at UFCAmerica.com.

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