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.
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Henry C. Weatherby, Esq., CLU, ChFC, CEBS
Weatherby & Associates, PC
Connecticut State Coordinator of ElderCareMatters.com
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