This is the fourth question in our FAQ blog series on Reverse Mortgages. The following question is important for those seeking a Reverse Mortgage.
“Do you still own your home with a Reverse Mortgage?”
Yes! The borrower is still in legal title to the home and there is also no prepayment on the loan.
The money the borrower receives from the Reverse Mortgage is coming out of the equity in the home.
There are a few different ways the money can be paid out from the Reverse Mortgage:
- The borrower can request a specified amount each month ($2000/month for example) to help with prescription drugs, doctor bills, housing expenses, ect.
- The borrower can request a lump sum (grandkids college, vacation, ect.)
To see additional information regarding Reverse Mortgage, please visit my youtube channel: https://www.youtube.com/user/klgrodi/videos. All of the questions in this series on “Frequently Asked Questions regarding Reverse Mortgage” are answered in those videos.
Also, you can visit https://www.consumer.ftc.gov/articles/0192-reverse-mortgages for additional information.
If there is a question you may have that I don’t answer, feel free to email me at email@example.com or call be at 615-970-2216. I’d be happy to sit down and discuss any questions or concerns.