FAQ – Frequently Asked Questions

What happens if we decide to move? When the property is no longer your primary residence, the loan becomes due and the balance paid, typically by selling the property, or refinancing. Your home needs to remain your principal place of residence when you have a reverse mortgage. You may travel or leave your home (i.e. […]

How do I start the process? Just call our office at 800-216-6322 and ask to make an appointment. We will come to your home if you like, and discuss all the options available to you. If you prefer, you can email us at reverse@morningstarmortgage.com and request an appointment. We will be available throughout the process

Why don’t I just sell my home? In some cases, that may be the best answer. We will answer all your questions about a reverse mortgage and then let you decide. One important point to consider is if you sell your home, where will you live? And what costs are associated with the sale? Perhaps

What if my children have questions about a reverse mortgage? We encourage all interested parties to participate in the discussions regarding a reverse mortgage. Your children, after all, only want the best for you and are looking out for your needs. We even sometimes talk to friends, other relatives, spiritual advisors, or anyone who is

What happens to our home when we pass away? Your home will transfer to your heirs per your will or estate plan, just like it will now. The outstanding Reverse Mortgage balance must be repaid once your estate is settled. Your heirs may sell the home, pay off the outstanding loan balance and keep the

What happens if my spouse or I need to go to a nursing home? As long as one homeowner remains in the home, the reverse mortgage does not need to be closed. If the last homeowner needs to go to a nursing home but intends to return, the reverse mortgage doesn’t need to be repaid

Is the cash we receive taxable? No. Reverse mortgages are loans and not considered income.

How do I know how much money I can get? We will help you determine that. The amount you are eligible for depends on the following factors: the ages of the youngest borrower, the value of the home as determined by an appraisal, the current interest rate. Or you may use our handy calculator at

What can I use the money for? Anything you want! Remember, the only requirement is that you pay off any liens against your home. After that, the funds from a reverse mortgage can be used for virtually any purpose. You can supplement your current income, pay off bills, make home improvements, travel, the list is

How do I get the money? Since you are tapping your own equity in the property, it’s up to you. The only requirement is that any outstanding lien (mortgage or other debt against the home) on the property must be paid in full at the time the reverse mortgage is done. You then can take