Yes, but any existing mortgage must be paid off when the reverse mortgage closes. The funds from the reverse mortgage can be used for that purpose.

In most cases, the answer is yes. As a part of the loan process, you will need to provide a copy of the rust or a Certification of Trust for review by the lender and title company.

In most cases, the answer is yes. There must be enough quality in the home to pay off the balance of the existing loan. This includes any late fees, attorney’s fees or any other fees connected to the foreclosure.

No, funds received from a reverse mortgage are generally categorized as loan advances and not taxable income. Consult your tax advisor for information.

The interest that accrues on your loan is generally deductible when the loan is repaid, which occurs when the last borrower permanently leaves the property. Consult your tax advisor for more information.

The benefit from a reverse mortgage typically does not affect these benefits. Consult your financial advisor or local senior agency for more information.

No. A reverse mortgage is only a lien against the property; therefore, the title will stay in your name.

No, the loan can be repaid by refinancing the existing reverse mortgage with a standard mortgage loan.

You are required to pay your property taxes, home owners, and flood (if required) insurance premiums and other expenses necessary to maintain the home.

No, the loan can be repaid by refinancing the existing reverse mortgage with a standard mortgage loan.

The impact of a reverse mortgage is no different than that of a purchase or refinanced mortgage. Repayment of the mortgage is due upon sale of the home.