Questions are expected. Ask all of them.

Age, home type, and how much you still owe determine it.

Age is the first test, and the answer depends on the programme rather than on the lender. An HECM — the federally insured reverse mortgage, which is most of the market — requires every borrower to be 62 or older. Some proprietary reverse mortgages, which are written by individual lenders and insured by nobody, lend from 55 in the states that allow it. Beyond age, you need to live in the home as your primary residence, own it outright or have a mortgage small enough to clear at closing, and meet the property standards. Income and credit are assessed too, but not the way they are for a regular mortgage — the question is whether you can keep up property taxes and insurance, not whether you have enough monthly income to service a payment.

62 for an HECM. Some lender programs lend from 55. The youngest borrower sets the age.

An HECM is insured by the Federal Housing Administration and requires every borrower on the loan to be 62 or older — there is no exception, and no state can lower it. Some lenders offer their own reverse mortgages, not FHA-insured, that start at 55 in certain states; these are a different product with different costs and no federal insurance behind them. Whether one is available where you live is a question for the first call. In every case it is the youngest borrower's age that counts: the amount available is generally based on the younger of two borrowers, because the loan is expected to run for the longer of the two lifetimes.

Yes, in most cases — the existing mortgage is paid off at closing.

You do not need to own your home outright. The remaining balance on your existing mortgage is cleared using the proceeds of the reverse mortgage, and whatever is left over is what you can access. This is why people who still owe a meaningful amount often find the numbers tighter than they hoped.

Yes, but only because licensing is per state.

A brokerage cannot advise on a property in a state where it is not licensed. Whether we are licensed where you live is a first-call answer rather than something you should discover at the end of a process.

Yes. The title stays in your name.

The lender holds a mortgage against the property; you hold the deed. You can sell, you can leave it to your estate, and you can remain in it for as long as you live there. This is the single most misunderstood part of the product.

Only if the loan terms are broken, and only through a proper process.

If property taxes or insurance go unpaid, or the home falls into disrepair, the loan can become due. That is a genuine risk and it is worth understanding before signing. It is not the lender deciding to take the house on a whim — it is a defined set of obligations, and there are processes that must be followed.

Property taxes, insurance, and keeping the home in good repair.

These are the same responsibilities you have today as a homeowner. The difference is that with a reverse mortgage there is no monthly statement prompting you to keep on top of them, which is precisely why some homeowners set money aside inside the loan to cover these costs automatically.

No regular principal-and-interest payments are required.

That is the central feature of the product. Interest accrues onto the balance rather than being paid monthly, which is what frees up the monthly budget — and also why the balance grows over time. You may make payments voluntarily if you wish, and doing so reduces the balance.

Yes, generally, and that is the trade-off to understand.

Interest is charged on the outstanding balance, which includes interest already accrued. The longer the loan runs, the faster the balance grows relative to the original amount borrowed. This is not hidden — it is the mechanism that makes no monthly payment possible, and it is why the loan suits some situations and not others.

Yes, at any time, with no prepayment penalty.

You can pay part of the balance, or all of it, whenever you choose. There is no penalty for doing so, and no fee for settling early. Many homeowners make partial repayments after a windfall or simply to keep the balance from growing as quickly.

Closing costs, an origination fee, and ongoing servicing and interest.

There are costs at closing — origination, appraisal, title, and in many cases mortgage insurance — and costs that continue afterwards, principally interest and a servicing fee. The exact figures depend on your home's value and the lender's terms, which is why a specific number in a general article would be misleading.

Usually, yes — many closing costs can be covered by the proceeds.

This is why some homeowners pay very little at closing out of pocket. It does not make the costs disappear; it moves them onto the balance, where they accrue interest along with everything else. Borrowing to pay fees is a real decision and should be understood as one.

When the last borrower permanently leaves the home.

That can be a sale, a permanent move to care, or a death. It is not a fixed date and it does not arrive because a certain number of years have passed. As long as you live in the home and meet the obligations, the loan stays open.

The loan becomes due, but not immediately.

Generally there is a period of time before the loan must be settled, which exists precisely so a family is not forced into a quick sale during a difficult period. The length and the terms depend on the loan and the servicer.

Yes, whenever you choose.

The loan is repaid from the sale proceeds at closing. If the home sells for more than the balance, the difference is yours. There is no lock-in period and no penalty for selling early.

Yes. They are never handed a personal debt.

Heirs can generally choose to repay the balance and keep the property, or to sell it and keep whatever equity remains. Because the loan is non-recourse, they cannot be pursued for a shortfall if the home is worth less than the balance.

Yes, and you can bring them to the conversation.

Adult children are frequently the reason a reverse mortgage becomes a family argument years later — usually because they were never part of the conversation. Bringing them in early does not hand them the decision; it removes the surprise.

It is your home and your decision — but the disagreement is worth hearing.

Family objections are often specific and answerable: a misunderstanding about ownership, a worry about inheritance, or something they read that was not accurate. Most dissolve in a conversation with an advisor. Some turn out to be good points worth taking seriously.

Yes, and where possible both usually should be.

Where both are borrowers, the loan lasts until the second of them permanently leaves the home, and the survivor is protected by the terms of the loan itself rather than by a separate provision. Where only one spouse is a borrower — often because the other is under 62 — the protections work differently and deserve particular care.

Under 62, no HECM — and the non-borrowing spouse rules are narrow.

A spouse under 62 cannot be a borrower on an HECM, so they would be a non-borrowing spouse. Rules exist to protect them from being forced out after the borrowing spouse dies, but they are narrow, they have conditions, and they generally require the marriage to have existed when the loan closed. If everyone on the loan is 62 or older, this problem does not arise at all. It is one of the few areas of this product where the detail genuinely determines the outcome — a conversation for an attorney as well as an advisor.

Yes, and the loan terms need revisiting if it happens.

If the home is sold as part of a separation, the loan is repaid from the proceeds like any other. If one spouse remains in the home, the servicer needs to know, because the terms were written around who lives there. Silence here causes problems later.

It can, and it depends on how you take the money.

Money received as a lump sum is treated differently from money received as scheduled monthly payments, and different programmes treat it differently again. This is genuinely a question for someone who knows your specific benefits, not for a mortgage advisor alone.

Money you borrow is generally not treated as income.

A reverse mortgage is a loan, not income, so the proceeds are typically not taxable. The interest may become relevant in certain circumstances, particularly if part of the loan is deducted in a tax return. This is a question for an accountant rather than an advisor, and the answer depends on your circumstances.

Usually several weeks, and you control the pace.

There are steps that take a fixed amount of time — an appraisal, title work, and a required independent counselling session. Beyond those, nothing moves faster than you want it to. There is no deadline on this decision that the industry created honestly.

Yes, and it is required by law for most reverse mortgages.

An independent counsellor — someone who does not work for the lender — talks you through the alternatives and confirms you understand the product. It exists because this is a complicated decision that has historically been sold badly. It is not a formality to be rushed through.

Yes, within a set period, for any reason.

There is a right of rescission — a window after signing during which you can cancel with no penalty and no reason required. It is a genuine safety net and it is worth knowing its exact length before you sign anything.

Several things, and you should look at all of them.

Selling and downsizing frees the equity outright but means moving. A home equity line of credit accesses the equity but usually requires monthly payments and a qualifying income. A cash-out refinance replaces your mortgage with a larger one and a new monthly payment. Doing nothing is also an option, and sometimes the right one.

More often than you might expect, and we will say so.

If you plan to move within a few years, the costs rarely make sense. If the goal is to leave the largest possible estate, the growing balance works against you. If a smaller, cheaper option solves the actual problem, taking a larger one is not advice — it is a sale.