Say your age, whether a spouse is on the title, roughly what the home is worth and what's still owed, and what the money is for. In a few seconds you get the honest picture — how it works, what it costs, what your heirs face, the alternatives — and the questions to bring to the free HUD counselor. No account. Nothing stored.
Free — takes 40 seconds
Ages of everyone on the title, whether a spouse or anyone else lives there who is not on the title, roughly what the home is worth and what's owed, your monthly income, and what the money would be for.
Why this exists
For some households a reverse mortgage is exactly right. For others it is the roof paid for with the house. The difference is in six facts the salesperson won't lead with and a free counseling session the law requires. This gives you the facts in large type and the questions for the counselor.
How it works
Ages, title, the home, what's owed, the need. Nothing is saved.
How it works, what it costs, what heirs face, the alternatives — in large type, English or Spanish.
The family sheet, the question list and the before-you-sign checklist, in the organization version.
Plans
The licence is for the HUD counseling agency, elder-law office, senior center or church that wants the large-type family sheet with its name on it.
Your agency's name and phone on the page; printable large-type family sheets, question lists and before-you-sign checklists for every household.
For a senior center, a church seniors ministry or a caregiver support group that gets the TV-ad question every week.
Free for individuals, always. Licence prices in USD, handled by Stripe.
Common questions
Under HUD's HECM program you must be 62 or older, the home must be your primary residence, and it must be owned outright or the existing mortgage paid off with the HECM proceeds. You also have to keep paying property taxes, homeowners insurance (and flood insurance if required) and maintain the home — falling behind counts as default and can lead to foreclosure. Free HUD counseling from an approved agency is required before you can apply. This tool is not financial or legal advice — the counselor and lender disclosures decide the real terms.
Reverse Mortgage Check never tells you a dollar amount — the amount depends on the youngest borrower's age, the home's appraised value up to the FHA limit, and current interest rates. Costs come out of that: an upfront FHA mortgage insurance premium (2% of the home's value), an annual MIP (0.5% of the balance), a capped origination fee, closing costs and servicing fees, so interest and MIP accrue and equity shrinks over time. Ask your free HUD counselor and check the lender's required TALC (total annual loan cost) disclosure — see CFPB — Reverse mortgages.
The loan comes due when the last borrower dies, sells, or lives elsewhere for 12 months. Heirs generally get 6 months (extendable) to repay the balance, sell the home, or buy it at 95% of appraised value, and they're never personally liable for more than the home's value because HECMs are non-recourse (CFPB — Reverse mortgage: after the borrower). An eligible non-borrowing spouse may be able to stay under current HUD rules if requirements are met — ask the counselor specifically about that.
Yes — using Reverse Mortgage Check costs you nothing, there's no account, and nothing you type is stored. The only prices listed are subscriptions for organizations that use it with clients: $99/month for counselors and elder-law offices, and $49/month for senior centers and churches — not something a visitor ever pays.
Watch for pressure to put the money into an annuity, insurance product or investment, a contractor pushing a reverse mortgage to pay for repairs, promises that 'you'll never lose your home' without mentioning taxes and insurance, advice to leave a younger spouse off the title, any upfront fee to a third party, or anyone discouraging the required HUD counseling session (FTC — Reverse mortgages). If you see any of these, stop and bring it to your HUD counselor or an elder-law attorney before signing anything.
Según el programa HECM de HUD, usted debe tener 62 años o más, la vivienda debe ser su residencia principal, y debe estar totalmente pagada o la hipoteca existente debe saldarse con el dinero del HECM. Usted también debe seguir pagando los impuestos de la propiedad, el seguro de vivienda (y el seguro contra inundaciones si se requiere) y mantener la casa — si no lo hace, eso se considera incumplimiento y puede llevar a una ejecución hipotecaria. La consejería gratuita de HUD con una agencia aprobada es obligatoria antes de solicitar. Esta herramienta no es asesoría financiera ni legal — el consejero y las divulgaciones del prestamista determinan los términos reales.
Reverse Mortgage Check nunca le da una cifra en dólares — el monto depende de la edad del prestatario más joven, del valor tasado de la vivienda hasta el límite de la FHA, y de las tasas de interés vigentes. De ese monto se descuentan costos: una prima inicial de seguro hipotecario de la FHA (2% del valor de la vivienda), una prima anual (0.5% del saldo), una comisión de originación con tope, costos de cierre y de administración, así que el interés y la prima se acumulan y el valor líquido de la vivienda se reduce con el tiempo. Pregúntele a su consejero gratuito de HUD y revise la divulgación TALC (costo total anual del préstamo) que exige el prestamista — vea CFPB — Reverse mortgages.
El préstamo vence cuando el último prestatario fallece, vende la vivienda, o vive fuera de ella por 12 meses. Por lo general, los herederos tienen 6 meses (prorrogables) para pagar el saldo, vender la casa, o comprarla al 95% del valor tasado, y nunca son personalmente responsables por más del valor de la vivienda porque los HECM son préstamos sin recurso (CFPB — Reverse mortgage: after the borrower). Un cónyuge elegible que no es prestatario podría poder quedarse bajo las reglas actuales de HUD si se cumplen los requisitos — pregúntele esto específicamente al consejero.
Sí — usar Reverse Mortgage Check no le cuesta nada, no requiere cuenta, y nada de lo que usted escribe se guarda. Los únicos precios mencionados son suscripciones para organizaciones que usan la herramienta con sus clientes: $99 al mes para consejeros y oficinas de derecho de adultos mayores, y $49 al mes para centros de personas mayores e iglesias — no es algo que usted, como visitante, tenga que pagar.
Tenga cuidado si le presionan para poner el dinero en una anualidad, un seguro o una inversión; si un contratista le sugiere una hipoteca revertida para pagar reparaciones; si le prometen que 'nunca perderá su casa' sin mencionar los impuestos y el seguro; si le aconsejan dejar fuera del título a un cónyuge más joven; si le piden un pago por adelantado a un tercero; o si alguien trata de desanimarlo de asistir a la consejería obligatoria de HUD (FTC — Reverse mortgages). Si ve alguna de estas señales, deténgase y consúltelo con su consejero de HUD o con un abogado especializado en derecho de adultos mayores antes de firmar nada.
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