Questions you should ask your agent or reverse mortgage company?
- What types of homes are acceptable for a reverse mortgage?
- When the loan is due, is it possible for me to owe more than the home is worth?
- What kinds of fees are involved?
- Are reverse mortgage interest rates fixed or variable?
- By accepting a reverse mortgage, am I giving my home to the bank?
- Will I have to pay taxes on the cash I receive?
- Will I have to move out of my home if I outlive the loan?
- What happens if I pass away while living in the home?
- Will I be able to leave the home to my heirs?
- Does the reverse mortgage affect my eligibility for Social Security or other government assistance?
For additional information visit, http://www.myfloridacfo.com/YMM/ or call 1-877-My-FL-CFO (1-877-693-5236).