Mortagefindamortgage Tag Family Mortgage Find A Mortgage Senior ReverseMortgage | F.A.Q.'s About Reverse Mortgages

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• No; you should never pay a fee to apply for a reverse mortgage, either up front or at closing.

What does it mean when items on the Good Faith Estimate (GFE) are marked ¨POC¨?

• This means that the fee is related to the processing of your loan, but has been or will be paid outside of the closing transaction. Most commonly, these are the appraisal fee and the counseling fee.

Who controls interest rates on reverse mortgages?

• Depending on the options you select, the interest rate is determined by the 1-month, 1-year or 10-year London Interbank Offered Rate (LIBOR) index, the 1-month, 1-year or 10-year Constant Maturity Treasury (CMT) index or the 1-month, 1-year or 10-year US Treasury bill.

Am I required to pay anything on my reverse mortgage?

• You are not required to make any monthly payments on a reverse mortgage for as long you remain living in the home and stay current on your homeowner's insurance, property taxes, and home repairs. This is one of the most appealing benefits of a reverse mortgage.

Does the growth feature on the credit line mean that I am earning interest?

• No; the growth feature means that your credit limit increases at a pre-determined rate to compensate for increases in your home's value over time.

How does interest work on a reverse mortgage?

• Interest accrues on the portion of the reverse mortgage that has been used by you and is simply added to the total balance of the loan.

What do I owe on the home at the end of the mortgage?

• The amount that you owe on the home at the end of the mortgage is either the total of all fees, interest and disbursements made or the current market value of the home, whichever is less.

When does the reverse mortgage become due and payable?

• The loan becomes due when you no longer live in the home or if you fail to remain current on your real estate taxes, insurance and repairs.

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Not finding the reverse mortgage information that you need? Call a reverse mortgage specialist at (877) 221-0493 or submit your question below.

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