Do I still own my home when I take out a Reverse Mortgage?
Yes, you still will own your home when you take out a Reverse Mortgage. This is a common misconception with a Reverse Mortgage.
Will I have a lien on my property?
Yes, you will have a lien on your property like any other home loan. Once the lien is paid, you will have full ownership of the home. The difference between a Reverse Mortgage and a regular home loan is you do not have to pay off a Reverse Mortgage as long as you follow the FHA and HUD guidelines.
I hope you enjoy this video series about Reverse Mortgages. If you have any questions, please feel free to give me a call 916.865.8759 or email me. Did you know that you can purchase a home using a Reverse Mortgage?
Your Senior Real Estate Specialist (SRES),
Pam McCoy, Realtor®