----------------------------------------select your question here---------------------------------- #1 What is the FHA 'HECM' (pronounced 'Heck-um') Reverse Mortgage? #2 What's the difference between a Reverse Mortgage and a traditional loan? #3 Why should I consider a Reverse Mortgage? #4 What are the eligibility requirements for a Reverse Mortgage? #5 What type of property is eligible? #6 What factors determine the amount of money I can receive? #7 What if my home is worth more than the FHA maximum limit? #8 Is there a limit on the amount of money I'm eligible to receive? #9 What type of payment plans are available? #10 What happens if I'm drawing a monthly income and I need additional money? #11 What if I need a monthly income that is greater than what is being offered? #12 Am I charged interest on the entire amount of money I'm eligible to receive? #13 What is my personal liability or my estate's liability on this type of loan? #14 What if I have a mortgage or lien against my home? #15 Can I pay my outstanding loan balance in full without paying a penalty? #16 Is the money that I receive taxable? #17A Am I still eligible to receive proceeds if I'm drawing Social Security or other retirement benefits? #17B Am I still eligible if I'm receiving SSI or Medicaid or Medi-Cal benefits? #18 Are there any fees or costs in obtaining a Reverse Mortgage? #19 Can I be forced to sell or vacate my home if the loan amount exceeds the value of my home? #20 With monthly income, will my income cease if the loan amount exceeds the value of my home? #21 What if at a later time, I decide to sell my house and move? #22A What happens to my home when I eventually pass away? #22B who would be responsible for selling the house? #23 What happens if my home appreciates in value during the mortgage term? #24 Do I have to transfer ownership to the Lender or to FHA? #25 What are my obligations as a borrower? #26 Am I still eligible for a Reverse Mortgage if my home is in a Living Trust? #27 Is the interest rate a fixed rate? #28 What if I have bad credit? #29 What if I don't need additional funds at this time? #30 What happens to my credit-line when I vacate my home or upon my death? #31 How long does it take before I can receive my funds?