Reverse Mortgage Questions?
Will the bank own my home?
No. You retain ownership and can remain in the home or sell the home at any time.
How will this affect my children or heirs?
The Reverse Mortgage will never exceed the value of the home, so debt owed does not pass on to your heirs. You and your heirs are entitled to full home value appreciation. You will be in a better position to maintain financial independence, or even offer financial help to your children or family.
Is it true that I will not have monthly payments?
There are no monthly mortgage payments with a Reverse Mortgage; however you will still be responsible for property taxes, insurance, and proper home maintenance.