{"id":285,"date":"2025-09-25T18:09:48","date_gmt":"2025-09-26T01:09:48","guid":{"rendered":"https:\/\/hemetmortgage.com\/?page_id=285"},"modified":"2025-09-26T11:53:13","modified_gmt":"2025-09-26T18:53:13","slug":"frequently-asked-questions-faq-about-reverse-mortgages","status":"publish","type":"page","link":"https:\/\/hemetmortgage.com\/?page_id=285","title":{"rendered":"Frequently Asked Questions (FAQ) About Reverse Mortgages"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>Myth vs. Fact: Does the bank own my home?<\/strong><\/h3>\n\n\n\n<p><strong>Fact:<\/strong> This is the most common myth. <strong>You retain the title and ownership of your home<\/strong> throughout the life of the loan. You are simply required to pay your property taxes, homeowners insurance, and keep the home in good condition.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Is financial counseling required?<\/strong><\/h4>\n\n\n\n<p><strong>Yes.<\/strong> Before closing, you must complete a counseling session with an independent, third-party agency. This is a valuable protection that ensures you fully understand the loan program, its features, and your obligations before making a final decision.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What happens to the home when I pass away? What are the options for my heirs?<\/strong><\/h4>\n\n\n\n<p>When the last borrower leaves the home, your heirs will have several options. They can:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Repay the loan and keep the home,<\/strong> often by refinancing or using other assets.<\/li>\n\n\n\n<li><strong>Sell the home<\/strong> to repay the loan and keep any remaining equity.<\/li>\n\n\n\n<li><strong>Deed the home to the lender.<\/strong> If the loan balance is greater than the home&#8217;s value, they can give the home to the lender to satisfy the debt. Your estate will <strong>never owe more than the home&#8217;s appraised value<\/strong> at the time of sale.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What are the costs involved in a reverse mortgage?<\/strong><\/h4>\n\n\n\n<p>Like any mortgage, there are costs involved. These can include an origination fee, third-party closing costs (like appraisal and title fees), and mortgage insurance. These costs can often be financed into the loan itself, meaning you have minimal out-of-pocket expenses. We will provide a detailed breakdown of all costs so there are no surprises.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>I&#8217;ve updated the age requirement in both the main summary and the qualification section. Please let me know if you&#8217;d like any other adjustments!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Myth vs. Fact: Does the bank own my home? Fact: This is the most common myth. You retain the title and ownership of your home throughout the life of the loan. You are simply required to pay your property taxes, &hellip; <a href=\"https:\/\/hemetmortgage.com\/?page_id=285\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":24,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"onecolumn-page.php","meta":{"advanced_seo_description":"Frequently Asked Questions (FAQ) About Reverse Mortgages","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-285","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/P8kZWX-4B","_links":{"self":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=285"}],"version-history":[{"count":1,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/285\/revisions"}],"predecessor-version":[{"id":286,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/285\/revisions\/286"}],"up":[{"embeddable":true,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/24"}],"wp:attachment":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}