Gibson Home Loans

What Is A Reverse Mortgage and How Can It Help You?

Our goal is simple: help you become fully informed about a reverse mortgage. From there, you can make the right decision for you and your family, given your unique situation.Your home is one of your biggest investments — and the place that means the most to you. A big decision about it can feel scary.Choosing a reverse mortgage takes good education and expert advice.

Will You Have To Repay The Lender if You Outlive The Loan?

With a HECM, you won’t outlive the loan. You make no repayment as long as you meet a few conditions.At least one borrower (or an original non-borrowing spouse) must live in the home. You keep paying taxes and insurance, maintain the home, and follow the loan terms.Repayment comes due only later — when the last borrower passes away, you sell the home, or the loan terms go unmet.

How Will This Loan Affect My Estate And How Much Will Be Left To My Heirs?

With a HECM, repayment starts when the last borrower dies, sells the home, or moves out as their primary residence. At that point, you or your estate repays the money you received, plus interest and fees.Any equity that’s left belongs to you or your heirs. A “non-recourse” clause protects you: you and your estate never owe more than the home’s value.Say the loan balance ends up higher than the home is worth.

Should I Use An Estate Planning Service To Find A Reverse Mortgage Loan?

HUD advises against paying any service to get a reverse mortgage — except for required HECM counseling. Avoid anyone who asks for a lender referral fee.HUD shares this information free of charge. It can also point you to HUD-approved housing agencies. Those agencies offer approved counseling and other services for free or at minimal cost.

What is your home worth today?

See your value and how much equity you have to work with — free, no obligation. Reverse Mortgage CalculatorLet’s calculate how much equity you can unlock.