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QUESTION: How can we determine how much we can afford to pay for a home?
September 3, 2018
QUESTION: Is a reverse mortgage best used only as a last resort strategy?
September 28, 2018

QUESTION: Will a reverse mortgage require me to give up my home?

Answer:

No. Since you are the borrower, your name will remain on the title and the home is yours, exactly as it would be with any mortgage.

You are required to continue paying real estate taxes, homeowner’s insurance, and providing basic maintenance to your home. Once you no longer live in the home as your primary residence, the loan balance, including interest and fees, must be repaid.* This is usually done by the homeowner or their estate selling the house.

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