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Frequently Asked Questions About Reverse Mortgages

Lingows Admin • Jul 26, 2021

Frequently Asked Questions about Reverse Mortgages

In the reverse mortgage process it is very common for questions to arise that are similar in nature from one customer to another. Below I have listed some of the frequently asked questions that we receive and some factual responses for your information.


  • What do I need to qualify for a reverse mortgage?
  • Be 62 years of age or older
  • Own your home. Customers with existing mortgages also may qualify
  • Live in your home as your primary residence.
  • How much money do I qualify for with a reverse mortgage?
  • The dollar amount each customer qualifies for depends on a variety of factors. Your age, current market rates, the value of your home, the type of reverse mortgage loan you choose, and the FHA lending limits in your area all come into play.
  • How is a reverse mortgage loan different from a traditional mortgage loan?
  • With a traditional mortgage loan you make monthly payments based on the amount you borrow and with a reverse mortgage you don’t need to make monthly payments on the loan as long as you stay in the home. With a reverse mortgage your balance increases each time a draw is made and the interest on the loan is added to the balance. You repay the balance when you sell or move from your home.
  • What kind of interest rates are available?
  • Reverse mortgage loans are available in both fixed rates and variable rates.
  • What are the fees on a reverse mortgage loan?
  • The fees on a reverse mortgage loan typically include closing costs, a mortgage insurance premium, and an origination fee.
  • Does the bank take title or own my home if I get a reverse mortgage?
  • The answer to both is NO. You retain ownership of your home. You are required to pay the taxes and insurance on your home and maintain your home to FHA standards.
  • What will I owe when the loan is due?
  • When the loan is due, the loan balance is required to be repaid, including interest and fees. Most commonly, the home is sold to pay off the outstanding balance of the loan.



If you happen to have any additional questions that weren’t addressed, please feel free to give us a call! I look forward to speaking with you soon.

Here’s What You Can Expect in Refinancing

Here’s What You Can Expect in Refinancing

By Lingows Admin • 23 Aug, 2021
After we determine that a refinance will be beneficial for you, we start the application. Much like your original mortgage application, this one collects general information and asks for documentation of your income and assets.
Do I Need A Rental Property Management Company?

Do I Need A Rental Property Management Company?

By Lingows Admin • 22 Aug, 2021
Whether you still thinking of getting into the rental property business or you’re just closing on your 50th investment property, you still have several decisions to make relating to how you will manage all your investments. This is usually among the biggest, toughest decisions a landlord is faced with whether they should hire a property management company. Most landlords are seen managing their investment properties all by themselves or by the help of a single employee, known as a resident manager.
Reverse Mortgage Independent Counseling

Reverse Mortgage Independent Counseling

By Lingows Admin • 19 Aug, 2021
A very important and required step in the reverse mortgage process is independent counseling. Prior to application, all reverse mortgage applicants must receive independent counseling. This is a step that is in place for your protection and is required by law.
Here’s How My Clients Beat the Clock By Preparing Ahead

Here’s How My Clients Beat the Clock By Preparing Ahead

By Lingows Admin • 16 Aug, 2021
Do you remember the story: The Little Boy Who Cried Wolf? I have to admit – sometimes I feel as if some of my clients view me as the little boy from the story when I’m repeatedly and passionately asking them to prepare early for the mortgage process ahead. I’m sending this email to explain how this preparation can make a tremendous difference. Please read on.
Here’s One Critical Question Every Home Buyer Should Ask

Here’s One Critical Question Every Home Buyer Should Ask

By Lingows Admin • 09 Aug, 2021
Realistically speaking – how long do you plan on living in the home you’re hoping to purchase? More times than not, my clients tell me they’re planning on living in their home forever. However, most real estate professionals I’ve spoken to on this topic suggest that the typical family’s home needs change approximately every five to seven years. This statistic might surprise you – it certainly surprised me!
Here Is One Question Everyone Should Ask Before Refinancing

Here Is One Question Everyone Should Ask Before Refinancing

By Lingows Admin • 02 Aug, 2021
Realistically speaking – how long do you plan on living in the home you’re hoping to purchase? More times than not, my clients tell me they’re planning on living in their home forever. However, most real estate professionals I’ve spoken to on this topic suggest that the typical family’s home needs change approximately every five to seven years. This statistic might surprise you – it certainly surprised me!
Jumbo Loans Are Here!

Jumbo Loans Are Here!

By Lingows Admin • 12 Jul, 2021
Have you taken advantage of the great rates available on Temporary High Balance or Agency Jumbo loans? If not, you may need to do so sooner rather than later. With these loans, Fannie Mae and Freddie Mac are authorized to purchase mortgages that are up to 125% of certain high-cost areas’ median home values, not to exceed a preset limit. Implemented as part of the 2008 stimulus package, these loan offerings were intended as a temporary measure. They have already been extended once, and limits have been reduced.
How Can You Buy And Remodel With One Loan?

How Can You Buy And Remodel With One Loan?

By Lingows Admin • 05 Jul, 2021
Most mortgage loan programs require a property to be in sound condition with no structural defects or required repairs. Not the 203k. It’s made for homes needing anything from light spruce up to major repairs, improvements or new additions. Combine Purchase and Improvements The 203k loan covers your purchase price and the cost of improvements. The proposed work must be supported by a “value upon completion” appraisal. You can save by financing renovation costs into the original mortgage rather than racking up credit card bills or dipping into reserve savings later.
The Return Of The HELOC?

The Return Of The HELOC?

By Lingows Admin • 28 Jun, 2021
Home Equity Line of Credit Once upon a time, HELOCs were promoted as a great way to shop for life’s luxuries. New cars, vacations, furniture—you name it, and a HELOC could likely help you buy it.
Please Review Your Credit Report

Please Review Your Credit Report

By Lingows Admin • 21 Jun, 2021
Have you ever reviewed – in granular detail – your credit report? Here are a few tips that can help make sure you’re in prime position for mortgage approval – and receive the best terms and conditions possible:
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