Questions On Reverse Mortgage

Expert, localized Los Angeles answers provided by Heather Roy

Questions On Reverse Mortgage
	Hello, Have some questions on Reverse Mortgage.We are a family of two, retired, ages 63 (wife) and 75 (husband) who is in nursing home. The house is paid for and we are heading for financial trouble.Where do you go to see about a reverse mortgage?Do you get it in one lump sum?Can you still live there until you die?Do you have to pay taxes on the money?Who does the appraising?Anything else you can tell me about this would be helpful.

	A reverse mortgage really is a mortgage, and mortgage loans are not taxable income because they’re going to be paid back some day.With a mortgage you always do remain the owner and of course you can stay in the house.That’s the main thing a reverse mortgage is intended to help with. The government’s web site for information on the HUD-backed Home Equity Conversion Program is http://www.hud.gov/buying/rvrsmort.cfm.To find the name of a government-approved local counseling agency you can call the AARP Foundation Network of Expert HECM Counselors at 1-800-209-8085.
	Edith Originally published on March 6, 2006

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