Reverse Mortgage FAQs & Resources
Get the Answers and Guidance You Need to Make an Informed Decision
Frequently Asked Questions
What is a reverse mortgage?
A reverse mortgage is a loan available to homeowners aged 62 and older that allows you to convert part of your home’s equity into tax-free cash without selling your home or making monthly mortgage payments.
Will I still own my home?
Yes. You retain full ownership and the title of your home, as long as you meet the loan obligations—such as living in the home, maintaining it, and paying property taxes and insurance.
What happens when I pass away or move out?
The loan becomes due when you permanently move out or pass away. Your heirs can choose to repay the loan and keep the home or sell the property to pay off the loan.
How do I receive the loan funds?
You can choose from several payout options:
Are reverse mortgage proceeds taxable?
No. The funds you receive from a reverse mortgage are considered loan proceeds, not income—so they are generally tax-free.
This was the best thing I ever did. Dealing with Todd Woodcock was wonderful; he walked me through it and gave me lots of information. Questions were answered anytime with no pressure. I contacted my Financial Advisor and with counsellors they help you to know if it's right for you. And that you understand it all. Now, no more worries about taxes and insurance.
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
Todd was professional, communicative, and an expert in this field. He did an amazing job and made the reverse mortgage process a pleasurable experience.
Todd went above and beyond to assistant my parents with their reverse mortgage. He was patient and explained the process from beginning to end. I'd recommend Todd to anyone exploring the possibility of a reverse mortgage. Definite 5 star experience.
If you are considering a reverse mortgage, then look no further than Todd Woodcock, certified reverse mortgage professional! He is extremely knowledgeable, explains everything carefully and thoroughly, is very prompt with responses and answers all your questions! He makes his clients his #1 priority! I recommend him highly. In fact, I run a lifelong learning center in Florida, and I am bringing him to my school to give a workshop on reverse mortgages.