A reverse mortgage is a type of loan available to homeowners who are at least 62 years old, allowing them to convert part of their home equity into cash.

Yes, reverse mortgages are legal in the United States. They are regulated by the Federal Housing Administration (FHA) and must meet certain requirements to protect borrowers.

If you fail to meet the obligations of a reverse mortgage, such as paying property taxes and homeowners insurance, you could potentially lose your home. However, the loan is non-recourse, meaning the lender cannot seek additional assets if the home’s value is not enough to cover the loan balance.

Yes, you still own your home with a reverse mortgage. You retain title to the property and can live in it as long as you meet the loan requirements, such as maintaining the property and paying taxes and insurance.

Yes, there are fees associated with a reverse mortgage, including closing costs, origination fees, mortgage insurance premiums, and servicing fees. It’s important to understand all the costs involved before proceeding with a reverse mortgage.