Wednesday, November 19, 2008
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FAQ
Q1. What is a Reverse Mortgage?
Q2. What are the advantages of obtaining a Reverse Mortgage?
Q3. Who is eligible for a Reverse Mortgage?
Q4. Can I obtain a Reverse Mortgage on a second home?
Q5. What is a HECM?
Q6. Are my Social Security and Medicare benefits affected?
Q7. Do I have to get counseling to understand a Reverse Mortgage?
Q8. Why does a Reverse Mortgage record two liens against my property?
Q9. Can I refinance my current Reverse Mortgage?
Q10. When do I have to pay the Reverse Mortgage back?
Q11. Can I write off the interest from the Reverse Mortgage?
Q12. What happens if my loan balance is greater than what the house is worth?
Q13. If I choose the monthly payment option, at what age do they stop?
Q14. How is a Reverse Mortgage differnt than a home equity loan?
Q15. What kinds of Reverse Mortgage are available?
Q16. How do I see what a Reverse Mortgage can do for me?
Q17. What are the fees associated with a Reverse Mortgage?
Q18. What are the differences between a HECM and the proprietary Reverse Mortgages?
Q19. Are Reverse Mortgages Safe?
Q20. Can interest rates be locked?
Q21. Can the lender take my home away?
Q22. What types of properties are eligible for a Reverse Mortgage?
Q23. What if I decide to sell my home?
Q24. How long do the heirs have to sell the property?
Q25. Is the money I receive going to be taxed?
Q26. What happens if I take all the money in a lump sum or exhaust my line of credit?
Q27. Is it possible to get a Reverse Mortgage when I already have an existing mortgage?
Q28. How can I receive my money?
Q29. Can you explain the line of credit?
Q30. How much money can I get?
Q31. Can I qualify for a Reverse Mortgage if I have a "Living Trust"?
Q32. How do I get support?
Q33. How will I receive my money?
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