Income Intermediate: Reverse Mortgages

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1.
With a reverse mortgage, _______.
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Financial counseling may be required as to the pros and cons. These loans can be complicated; regulators and lenders want to make sure they are well-understood.
2.
What type of reverse mortgage is the most common?
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Home equity conversion mortgage (HECM). This type is the most common.
3.
A reverse mortgage _______.
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Is only available to homeowners age 62 or older. The other statements are false.
4.
If, after selling a home to pay off a reverse mortgage, there is money left over, what happens to it?
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The borrower or the borrower's heirs keep it. Any leftover money belongs to them.
5.
What are some factors to consider in evaluating whether a reverse mortgage is right for you?
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All the above. You must be 62 to even be eligible for a reverse mortgage at all; the other factors are important, although not so cut and dried.