Top 10 Questions Seniors Ask About Reverse Mortgages (With Clear Answers)

Are you a senior homeowner curious about how reverse mortgages work? You're not alone. In this guide, we answer the Top 10 Most Common Questions Seniors Ask About Reverse Mortgages—from "Will I lose my home?" to "How much money can I get?" Whether you're looking to supplement retirement income, pay off medical bills, or age in place, understanding the pros and cons of a reverse mortgage is essential. If you live in Florida—especially in Miami-Dade, Broward, Orange, Polk, or Lake County—this guide is tailored just for you

1. What exactly is a reverse mortgage?


A reverse mortgage is a loan available to homeowners age 62 and older that allows them to convert home equity into cash—without having to sell their home or make monthly mortgage payments.



2. Will I lose ownership of my home?

No—you retain the title and ownership of your home as long as you continue to live in it as your primary residence, pay your property taxes, homeowner’s insurance, and maintain the home.



3. Do I have to make monthly mortgage payments?

No monthly mortgage payments of principal or interest are required. The loan is repaid when you move out, sell the home, or pass away.  You are responsible for keeping property taxes up to date and renewing insurances on time



4. How much money can I get from a reverse mortgage?

The amount depends on:

  • Your age

  • Home value

  • Current interest rates

  • The type of reverse mortgage
    Older borrowers typically qualify for more funds.  




5. What happens when I die—will my family inherit debt?

When the borrower passes away, the home is typically sold to repay the loan. Any remaining equity goes to the heirs. If the loan balance exceeds the home value, no debt is passed on to the family—thanks to federal insurance on FHA-backed reverse mortgages.



6. Can I outlive my reverse mortgage?

No. As long as you meet the conditions (live in the home, pay taxes and insurance, maintain the home), the loan cannot be called due—regardless of your age or how long you live.



7. What are the fees and costs involved?

Reverse mortgages come with closing costs, origination fees, mortgage insurance premiums, and servicing fees. These can often be rolled into the loan, but they are higher than those of traditional mortgages and important to consider. 



8. Can I sell my home after getting a reverse mortgage?

Yes. You can sell your home at any time. You would repay the reverse mortgage balance from the sale proceeds and keep any remaining equity.



9. Will this affect my Social Security or Medicare benefits?


No. Reverse mortgage proceeds do not affect Social Security or Medicare. However, they may affect needs-based programs like Medicaid or SSI, depending on how funds are used or held.



10. Is a reverse mortgage right for me?

It depends on your financial goals, health, home value, and plans for the future. Reverse mortgages can be a powerful tool for:

  • Supplementing retirement income

  • Eliminating existing mortgage payments

  • Funding long-term care

  • Aging in place

But they aren’t ideal for everyone, so it’s important to work with a licensed loan officer and certified reverse mortgage counselor.


To obtain a personalized quote, please contact:

Lourdes Cuervo NMLS # 254780

Ph: 305-790-4222

email: LCuervo@cfmtg.com

Certified Mortgage Planning Specialist


Cornerstone First Mortgage LLC.

4500 Biscayne Blvd. # 320

Miami, FL 33137


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* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.