EXPLANATION OF REVERSE MORTGAGES FOR SENIORS





Income, assets, monthly living expenses, and credit history will be verified.

Once the home is sold, the proceeds from the sale will first go to repaying the reverse mortgage balance in full. Once all liens on the home and any fees associated with the sale of the home are paid off, any remaining proceeds after that will belong to you or your heirs. 

Funds are considered loan proceeds and not income .Medicaid and other need-based benefits may possibly be affected.