Q: How much money am I able to access to use for my retirement?

A: The amount of money you receive from your reverse mortgage depends on your age, the value of your home, the county where the house is located, current interest rates, and the specific plan you choose. Each individual’s situation is different. Your Gateway Funding Reverse Mortgage Specialist can help you determine which plan best meets your needs.

Q: Are any costs associated with getting my reverse mortgage?

A: They vary depending on the program. Almost all costs of a reverse mortgage can be financed from the proceeds of the reverse mortgage including: origination fee, closing costs, servicing fee, and mortgage insurance premium.

Q: When does the reverse mortgage become due and payable?

A: Unless a default occurs, the reverse mortgage is due and payable only when the borrower sells the property, no longer occupies the property as his/her primary residence, or passes away.

Q: Who really owns my home?

A: You do. A reverse mortgage is a lien just like a traditional mortgage. However, with a reverse mortgage, you can never owe more than your home is worth and you can live there for as long as you choose.

Q: Is the process easy?

A: Gateway Funding simplifies the process right from the start. You and your Reverse Mortgage Specialist review your goals and objectives and come to a common point of view on which plan best meets your needs. Once you are comfortable that you are making a good decision, the process moves forward simply and efficiently.

Q: Whom should I look to for advice?

A: Someone you trust. It may be your children, friends, or an advisor. Before you start, you need to feel confident in your decision.

Q: Are there any restrictions on what I can do with my money?

A: No. You can use the cash any way you choose. It’s your money to help you retire richer.

Q: Whose name is on the home’s title?

A: Yours. A reverse mortgage is a lien just like a traditional mortgage except there are no mortgage payments. You retain the title to the property.

Q: Are there advantages to a reverse mortgage?

A: You stay independent, live in your home, and retain ownership of your home.

A: You eliminate mortgage payments.

A: You receive tax-free money.

A: You increase your estate planning options.

A: You will continue to receive any Social Security or Medicare benefits to which you are entitled.