Reverse Mortgage FAQs

Q: How do I get pre-qualified for a Reverse Mortgage?

A: To verify that you qualify for a reverse mortgage, you would need to call our consultants to go through an application and from there you will receive instant quotes from lenders for you to compare. Call (561) 847-2016 to see if you are eligible to sign up for a reverse mortgage with no commitment or fees.

Q: At What Age Do I Qualify for a Reverse Mortgage?

A: To qualify for a reverse mortgage, you must be at least 62 years old.

Q: What Type of Homes Qualify for a Reverse Mortgage? 

A: The following types of homes qualify for a reverse mortgage: single family homes, condominiums, & town homes.

Q: Can I Still Qualify for a Reverse Mortgage if I Have an Existing Mortgage?

A: Yes, you may still qualify. However, it is important to note the reverse mortgage provider will require that they are in a first lien position on the home. In short, this means that any other mortgage must be paid off with the proceeds from the reverse mortgage or any other source of funds obtainable.

Q: When Would a Reverse Mortgage Not Be a Good Decision? 

A: Like all mortgages, reverse mortgages have upfront fees. If a homeowner plans on leaving their home within 3 years, a reverse mortgage may not be a good decision.

Q: What Do Lenders Look at to Approve me for a Reverse Mortgage?

A: Most lenders conduct a financial analysis of the homeowner. This is to ensure you have the funds to pay property taxes, homeowners insurance, etc. If the lender finds you may have difficulties paying those bills; they will allow you to set aside a portion of the funds from your reverse mortgage. In short, it does not mean you will be disqualified. This is what we offer a free qualification analysis.

Q: Will a Reverse Mortgage Impact My Social Security or Medicare Benefits?

A: No, a reverse mortgage will not impact your social security or medicare benefits.

Q: How Do I Receive the Reverse Mortgage Proceeds?

A: After you complete a reverse mortgage there are various ways you can obtain the proceeds. Some homeowners opt to receive a large lump sum of cash while others feel more comfortable with a monthly installments. You can even request a combination of both a lump sum and installments.

Q: What if I Decide a Reverse Mortgage Isn’t Right for Me After Closing? 

A: The Federal Truth In Lending Act provides you with the option to cancel your loan. Within 72 hours of your loan closing, you can exercise your right of recession. The right of recession document is included in all reverse mortgage closings. The right of recession document must be signed and dated on closing to acknowledge you received & read it.