Safeguards
- No monthly mortgage payments to make (improves cash flow.)
- Nothing to pay back until all borrowers move out or die or the home is sold.
- Homeowner name remains on title.
- Required reverse mortgage counseling before Lender can proceed (Counseling Agency approved by FHA).
- Equity running out is a non-event. Borrower will continue to receive monthly checks or can draw on line of credit but will never be required to pay back more than the loan balance or what the house sells for on the open market, whichever is less, so no debt passes to heirs.
- FHA guarantees monthly income checks continue so long as at least one homeowner remains in and owns the house even if the house declines in value.
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