FAQs Archive – First Nations Reverse

If my spouse is not 62 years old yet, can I obtain a reverse mortgage?

By lindsey|2021-06-09T18:41:44+00:00September 28th, 2019|Requirements|

Yes. For married couples, where only one spouse is 62 years or older, there is a “non-borrowing spouse” option. With

By lindsey|2021-06-09T18:41:56+00:00September 28th, 2019|Payments|

It depends on how you look at it. A reverse mortgage has no monthly payments, so as interest and fees

By lindsey|2021-06-09T18:42:03+00:00September 28th, 2019|Process|

Yes. There are three ways to receive money from a reverse mortgage, a lump sum, a monthly payment (to you),

By lindsey|2021-06-09T18:43:15+00:00September 28th, 2019|Process|

Line of credit draws are typically done by mailing or by faxing a request form signed by the borrowers. The

By lindsey|2021-06-09T18:43:21+00:00September 28th, 2019|Payments|

Each month you will receive a monthly statement which will give you the status of your account including such things

By lindsey|2021-06-09T18:43:26+00:00September 28th, 2019|Other|

If your heirs cannot afford to pay off the reverse mortgage without selling the home, HUD will give at least

By lindsey|2021-06-09T18:43:32+00:00September 28th, 2019|Other|

At the time the last surviving borrower dies, the reverse mortgage must be paid in full with all interest and

By lindsey|2021-06-09T18:43:38+00:00September 28th, 2019|Process|

Yes. Just like all other traditional loans, you still own your home, and have complete control over it. The reverse

By lindsey|2021-06-09T18:43:56+00:00September 28th, 2019|Payments|

At the end of the loan, you would pay back the total of your initial draws and any subsequent draws,

By lindsey|2021-06-09T18:44:02+00:00September 28th, 2019|Payments|

No. A reverse mortgage is a “non-recourse” loan which means that you never have to pay back more than the