Fact: With a HECM Reverse Mortgage you retain full ownership of your home. Similar to a traditional mortgage, the lender does not take ownership they only have a lien on the property to secure the loan.

Fact: As long as you continue to meet loan obligations such as paying property taxes, insurance and maintaining the home, you will not lose your home with a reverse mortgage. It remains your property, and you can live in it for as long as you like.

Fact: Reverse mortgages can be a financial planning tool for retirees looking to supplement their income, cover healthcare costs or enhance their quality of life in retirement. Reverse mortgages can be used strategically by homeowners with varying financial situations.

Fact: While your home will absorb the loan costs and accrued interest, you can still leave your home to your heirs. They have the option to pay off the reverse mortgage and keep the home or sell the home to repay the loan and keep any remaining equity.

Fact: Like traditional mortgages, reverse mortgages have upfront costs, including origination fees, closing costs and mortgage insurance premiums. While these costs can be higher than some other loan types, they can often be financed into the loan.

For many retirees, the benefits of accessing home equity greatly outweighs the costs.

Fact: Having an existing mortgage does not disqualify you from obtaining a reverse mortgage. In fact, many borrowers use reverse mortgages to pay off existing mortgages and eliminate monthly mortgage payments.

Fact: A reverse mortgage may not be the right option for everyone but they are a legitimate financial product insured by the U.S. Government and regulated by the Federal Housing Administration (FHA). A Professional Mortgage Reverse Mortgage Specialist can help you understand the terms, costs and benefits associated with a reverse mortgage.