Get Started

REVERSE MORTGAGE FAQ

What Could You Qualify For?

We’re Here To Answer All of Your Reverse Mortgage Loan Questions

If you have questions about reverse mortgage loans, you’re in luck! Read on for answers to some of the most common questions we receive.

Please reach out to Dan and the Fairway Reverse Team with considerations or questions that remain. We’re here to help you make the most of your retirement.

Hear How a Reverse Mortgage Gave Kathleen Financial Freedom

Frequently Asked Questions About Reverse Mortgage Loans

ANSWER:

You remain the owner of your property. There is no change to the deed or title of your home when completing a reverse mortgage.

ANSWER:

That’s fine, you just need to live in your primary residence for six months and a day.

ANSWER:

It depends on what you do with your overall finances. Some families will receive more by being more efficient with the use of their portfolio of assets. Again, this is not financial advice. It’s very important that you consult with your financial advisor to make the best use of a reverse mortgage for your specific situation.

ANSWER:

As long as you are simply rehabilitating and getting better, your home and reverse mortgage are still yours until two doctors agree it is impossible for you to ever return to your home.

ANSWER:

Your reverse mortgage will become due when one of these things happen:

• You sell your home

• You permanently move out of your home

• The last person on the title passes away

Your heirs will have two options. They can choose to sell the property, pay off the reverse mortgage balance and keep any remaining equity, or they can choose to keep the property by refinancing the balance of your reverse mortgage with a new mortgage in their name. If the loan balance ever exceeds the home value, it does NOT trigger an early payoff or require you to have to move out of your home.

ANSWER:

Yes, your reverse mortgage will not become due until you pass away, sell your home or no longer live in the home. If you use all of the available proceeds, you would not have any more money available and interest would accrue until one of the three events referenced above occurrs.

ANSWER:

Nothing as long as you still live in your home and pay taxes, homeowners insurance, and maintenance.

ANSWER:

Most likely, it will decrease the amount of money the heirs will receive from the value of the home. However, your overall net worth will likely improve, because you will not be spending as much from your other accounts.

ANSWER:

You remain the owner of your property. There is no change to the deed or title of your home when completing a reverse mortgage.

ANSWER:

It depends on your situation. Our trained loan officers have helped hundreds of seniors pick the best option for their personal situation. You can do a lump sum payment, ongoing monthly payment or you can choose a line of credit, allowing you to access your money as needed. Your line of credit will be guaranteed to grow every year that you don’t use it.

ANSWER:

As long as you still have money available to borrow from your reverse mortgage, you can change your disbursement option for a small, one-time fee. Remember, when the value of the loan is higher than the home value it does not trigger an early payoff or due date.

ANSWER:

No, but for tax or cash flow purposes, including Medicaid planning, you may wish to do so.

ANSWER:

The homeowner remains responsible for the payment of annual property taxes and homeowner’s insurance as well as basic property upkeep.

ANSWER:

If you do not continue to do these three basic things, the lender is required by HUD to foreclose.

ANSWER:

The HECM will be held on the newly purchased home as your primary residence.

ANSWER:

The down payment needed at closing is determined based on your age, interest rates at the time and the sales price (or appraised value, whichever is less) of the home you are buying.

ANSWER:

The money must come from your own liquid assets (bank accounts, CD’s, retirement accounts, etc.) or from the documented sale of other assets you may have (your present home, for example).

ANSWER:

Your down payment is higher initially because you will never be required to make a monthly payment (except for taxes, insurance and maintenance). With a traditional mortgage, you would potentially lose more in cash flow over the years because of the consistent required payments. Remember, the HECM for Purchase can allow you to purchase a more expensive home than what you would otherwise be willing to commit to in payments for the next 20-30 years.

Curious About What You May Qualify For?

Fill out this short form and we’ll reach out as soon as possible.

By entering your contact information, you are providing express written consent for Fairway Independent Mortgage Corporation to contact you at the email and number you provided via telephone, mobile device, automated means like autodialing, text SMS/MMS, and pre-recorded messages, even if you are registered on a corporate, state, or federal Do Not Call list. You are also acknowledging and agreeing to our terms of service and privacy policy. Consent is not required to use our services.

*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.

INFORMATION

Fairway Independent Mortgage Corporation
Daniel Ventura
President of Fairway Reverse Lending Division,
Retirement Mortgage Specialist
NMLS ID #19372
NMLS Consumer Access

CONTACT US

Fairway Independent Mortgage Corporation
40R Merrimac Street, Suite 301W
Newburyport, MA 01950

978-499-4811
[email protected]
Career Opportunities

COMPLAINTS

Complaints may be directed to:
877-699-0353
Or email us:
[email protected]

LEGAL

Terms of Use

Privacy Policy

Legal Disclosures

Licensing

IL Community Reinvestment Notice

Copyright©2025 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.