Answer to Reverse Mortgage Question is Provided by our Connecticut State Coordinator, Attorney Henry C. Weatherby

Question:  What are the qualifications for getting a Reverse Mortgage, what happens to my home after my death, and will my 3 children have any rights to my home after I die?

Answer:  The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program. To be eligible for a reverse mortgage you must be 62 or older and own your home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan. Your home must be a single family home, a one-unit to four-unit dwelling, or a condominium. Cooperative houses and trailer homes are excluded. You must live in your home. You are also required to talk to a reverse mortgage counselor and receive consumer information prior to obtaining the loan.  When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid. All proceeds beyond the amount owed will belong to your spouse or estate, so your three children can inherit any remaining equity. No debt will be passed along to the estate or heirs.

If you need help with this or other elder care matters, you can find thousands of Elder Care Professionals on – America’s National Directory of Elder Care / Senior Care Resources for Families. You can also find Elder Law Attorneys on and Estate Planning Attorneys on – 2 additional websites sponsored exclusively by the national ElderCare Matters Alliance.

Connecticut State Coordinator,
Henry C. Weatherby, Esq., CLU, ChFC, CEBS

Weatherby & Associates, PC
Bloomfield, Connecticut
Connecticut State Coordinator of

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