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Frequently Asked Questions
Find answers to the most common questions about Reverse Mortgages.
Will I still own my home?
Yes. You always keep the title in your name.
Do I still pay taxes and insurance?
Yes. You remain responsible for taxes, insurance, and upkeep.
What if I outlive the loan?
You may stay as long as you live in and maintain the home.
Can I buy a vacation home?
No. This program applies only to your primary residence.
Are seller concessions allowed?
Yes. The concessions allowed are up to 6% of Purchase Price. Concessions can come from the Seller, Builder, and Real Estate agents.
Funds applied toward the purchase can can also come from the buyer’s own assets or verified gift funds.
What happens if home values change?
FHA insurance protects you and your heirs from owing more than the home’s value.
Can I make voluntary prepayments toward my loan balance?
Yes. Borrowers are always free to make voluntary partial or full prepayments on a reverse mortgage without penalty.
Doing so can reduce the accruing loan balance or preserve more home equity for the future.
There are no required monthly payments, but V.I.P. Mortgage, Inc. encourages clients to stay proactive if they wish to manage or minimize long-term interest costs.
Will my heirs be able to inherit my home?
Yes—your heirs may absolutely inherit your home. After the last borrower leaves the home or passes away, the reverse mortgage becomes due.
Your heirs can choose to:
- Repay the loan (usually through refinance or other assets) and keep the home,
- Sell the home and use the sale proceeds to repay the loan, or
- Walk away without obligation if the home’s value is less than the loan balance. Because the loan is non-recourse, neither you nor your heirs can ever owe more than the home’s value at the time of repayment.