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Commonly Asked Questions about HECM Reverse Mortgages
Commonly Asked Questions about HECM Reverse Mortgages

The Professor wants you to know the answer to the questions listed below, especially those that trouble you. Each question is linked to an article that discusses it. If you still have trouble after reading an article, it should be the first thing you discuss with the professor.

  1. What Are the Requirements For Obtaining a HECM Reverse Mortgage
  2. How Do HECM Reverse Mortgages Differ From Standard Mortgages?
  3. How Are a Borrower’s Rights of Ownership Affected by a HECM Reverse Mortgage?
  4. What Are the Borrower’s Obligations on a HECM Reverse Mortgage?
  5. How Does a Reverse Mortgage Affect the Size of the Borrower’s Estate?
  6. Can the Borrower’s Estate Obtain Title to the House After the Borrower Passes?
  7. Are Seniors Who Take Out a HECM Reverse Mortgage at Risk of Losing Their Homes?
  8. Is There a Risk to Persons Living With the Senior Who Are Not Part of the Reverse Mortgage Contract?
  9. Are HECM Reverse Mortgages Fixed-Rate or Adjustable Rate?
  10. What Are the Upfront Costs of a HECM Reverse Mortgage?
  11. What Are the Mortgage Insurance Premiums on a HECM?
  12. What Happens to the Borrower if the Debt Comes to Exceed the Value of the Property?
  13. Can a HECM Be Refinanced?
  14. What Options Does a Borrower Have For Drawing Funds on a HECM?
  15. What Determines How Much a Borrower Can Receive on Any of the Various HECM Options?
  16. Must I Pay Income Taxes on Funds Received from a HECM?
  17. Are Interest Payments on a HECM Reverse Mortgage Deductible?
  18. Will a HECM Reverse Mortgage Cause Me to Lose Public Assistance?
  19. Why Is There So Much Bad Press About Reverse Mortgages?

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