Reverse Mortgages Home What are Reverse Mortgages? Who is eligible for them? Types of Reverse Mortgages Why choose Reverse Mortgages Paying back Reverse Mortgages Questions to ask lenders Their disadvantages Reverse Mortgage requirements Origination and MIP Fees Dealing with closing costs The process of getting one What is the HECM? Appraisal Fees Servicing Set-Aside Questions to Ask Your Lender   Often when we are trying to get loans for anything from cars to homes, we find out a little too late that there were some essential questions we should have asked before signing the papers. The tendency to forget the questions we planned to ask during the meeting with our counselor or lender is common. Thus, we have created a list of important questions to ask your counselor and/or lender before you begin spending your hard-earned money on getting a reverse mortgage. Different lenders will have different policies, so you should ask these questions of all potential lenders.   Important Questions: Is there a way to meet my needs that does not involve getting a Reverse Mortgage? Are other types of mortgages available? Will a Reverse Mortgage make my partner or me ineligible for any government benefits, currently or in the future? How much can I borrow through a particular Reverse Mortgage product? How much will it cost me in fees and interest to borrow this money even if I don't have any "out of pocket" expenses? Will I have to sell my house before I die to pay off this Reverse Mortgage? What happens if I die, and my partner is still alive and living in the home; will he or she have to leave or pay the loan off? What happens if I have to go to a nursing home; will the loan become due and payable? What will I or my heirs have left after the loan is paid off? Are there any early-repayment penalties? What are my obligations under the Reverse Mortgage, such as home maintenance, property taxes and insurance?