If I am retired and do a reverse mortgage, what happens whether I live for such a towering duration that all the equity in my house has been paid out to me? Will I be forced to sell the house and give the proceeds to the reverse mortgage holder? Or would I be able to live in the house until I die or need to go into a nursing home?

First, a bit of background info on reverse mortgages. In order to qualify for a reverse mortgage, all borrowers must be at least 62 and the home must be your primary residence. Generally, there can be no other mortgage on the property. whether there is another mortgage on the property, you will need to use some of the proceeds from the reverse mortgage to pay off the debt. A reverse mortgage, as it’s name imples, is a loan against the equity in your home. The most common type of reverse mortgage is a

Home Equity Conversion Mortgage or HECM.

The amount you can get depends primarily on your age, the value of your home, and the type of program you choose. For example, an 85 year old living in a $500,000 home would qualify for a larger amount than a 64 year old living in a similar $500,000 home. To find out how much you could qualify for with a reverse mortgage, check out that calculator.

Post from: Reverse Mortgage Loan Blog

Can I be forced out of my house whether I have a reverse mortgage?

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