IS A REVERSE MORTGAGE RIGHT FOR YOU?
This guide focuses on FHA-insured Home Equity Conversion Mortgages (HECMs), generally for homeowners 62 or older. Age alone does not establish eligibility.
Ask Oscar about current availability and whether your situation can be considered.
WHAT STAYS YOUR RESPONSIBILITY
General HECM information. Other reverse mortgage products can differ.
Not meeting these obligations can put your home at risk of foreclosure.
The home remains your responsibility.
- Property charges
- Keep property taxes, homeowners insurance and applicable charges current.
- Home condition
- Maintain the home and complete required repairs.
- Where you live
- Use the home as your principal residence.
Not meeting these obligations can put your home at risk of foreclosure.
Costs add to the balance
Review origination and closing costs, mortgage insurance, interest and any servicing fees. Financing costs reduces available proceeds and increases what you owe.
Counseling before a HECM
A HUD-approved reverse mortgage counselor helps you examine costs, alternatives and effects on other people in your home. Counseling is required for a HECM.
When repayment can become due
Selling, leaving your principal residence or the death of the last borrower can trigger repayment. Eligible non-borrowing spouse protections may apply. Ask about a long absence for care and plans for heirs.
Compare staying with your current loan, refinancing or moving before deciding.
START WITH YOUR QUESTIONS.
Ask Oscar about current availability, then discuss costs, ongoing obligations and your plans for the home.