Reverse Mortgage Basics FAQ
Short answers to common reverse mortgage questions: age, payments, ownership, and taxes.
Direct answers to the most searched reverse mortgage basics. Each answer links to deeper guides in our Learn section.
What is the minimum age for a reverse mortgage?
All borrowers must be 62 or older for a HECM reverse mortgage.
Do you make monthly payments on a reverse mortgage?
Standard HECM loans do not require monthly principal and interest payments. You must still pay property taxes, insurance, and maintenance.
Who owns the home with a reverse mortgage?
You remain on title. The lender holds a lien, similar to a forward mortgage.
Is reverse mortgage money taxable?
Proceeds are generally loan advances, not taxable income. Confirm with a tax professional.
Can you get a reverse mortgage on a condo?
Yes, if the condo project is FHA-approved.