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).