When deciding if you want to get a reverse mortgage, you may consider these questions:
How much money do I need?
Is there a way to meet my needs that does not involve getting a Reverse Mortgage?
Will a Reverse Mortgage make my partner or me ineligible for any government benefits, currently or in the future?
Do I qualify for this Reverse Mortgage?
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?