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Planning Intermediate: Reverse Mortgages

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1.
If you take out a reverse mortgage, you are still required to pay for mortgage insurance.
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True. Your mortgage insurance premiums pay into a government insurance program designed to protect both you and the lender.
2.
If you are receiving payments as part of a reverse mortgage, you aren't obligated to keep your home in good condition.
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False. There are standards you must meet to keep the home in saleable condition.
3.
All lenders offer reverse mortgages.
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False. Only some of them do.
4.
What type of reverse mortgage is the most common?
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Home equity conversion mortgage (HECM). This type is the most common.
5.
A reverse mortgage _______.
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Is only available to homeowners age 62 or older. The other statements are false.