LOan products

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 The amount borrowers can access depends on factors such as the age of the youngest borrower, current interest rates, and the appraised value of the home. 

  Unlike traditional mortgages, reverse mortgages do not require monthly payments. The loan is repaid when the homeowner sells the home, moves out, or passes away.

 Borrowers would be disclosed of all potential costs and fees, including closing costs, mortgage insurance premiums, and interest on the loan amount before an application is done.

 Since the loan must be repaid when the homeowner no longer resides in the home, the heirs have the option of refinancing the home or selling it.

 Before obtaining a reverse mortgage, homeowners are required to complete a counseling session with a HUD-approved counselor to understand the implications fully. 

  Proceeds from a reverse mortgage can be used for various purposes, such as covering living expenses, paying for healthcare, or funding home renovations.