Ray Hrabec

The loan is typically repaid when the borrower sells the home, passes away, or no longer lives in the home as their primary residence. Heirs can still inherit homes with reverse mortgages; however, they will need to either pay off the balance or sell the home. If they choose to sell, they can keep the profits minus the debt. 

Generally, a Reverse Mortgage won't affect your Social Security or Medicare benefits, as the funds are not considered taxable income. The extra money won't push you into a higher tax bracket or reduce your Social Security or Medicare benefits. However, if you receive need-based benefits, such as Supplemental Security Income (SSI) or Medicaid, consult with a financial advisor to understand potential impacts.  

Those approved for a Reverse Mortgage can receive funds as a lump sum, a line of credit, or monthly payments. You retain ownership of the home and can continue living in it. You'll need to continue paying property taxes, homeowners insurance, and maintain the home.  

Yes. With a Reverse Mortgage, you retain ownership of your home. The loan is a mortgage on your property, but you continue to hold the title and can live in the home as long as you meet your obligations to maintain the property, pay property taxes, and keep homeowners insurance current.  

You can remain in your home as long as you meet your loan obligations: paying property taxes, maintaining homeowners insurance, and keeping the property in good condition. The loan becomes due when you sell the home, move out permanently, or pass away.