Am I qualified for a reverse mortgage if I currently have an existing loan on my home?

Yes, but the existing loan must be paid off prior to or at the settlement of the reverse mortgage. Quite often the reverse mortgage is used to refinance an existing loan.

My property is held in a Living Trust.  Do I qualify?

Yes, but you must be the primary Trustee and qualified by age.

To avoid probate, my children and I own the property in joint tenancy.  Do we qualify?

Yes, if the children are age 62 and older and live in the property. Otherwise, they would need to be taken off title for you to participate.

Are the cash advances considered income by the IRS?

No. The cash advances are actually loan distributions and are not considered income. The cash advances are tax-free.

Are mobile homes eligible?

Yes. The home must have been built in 1977 or later and have permanent foundation that is approved by FHA.

Are there restrictions on how I can use the money?

No. After all - It's your money.

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