Question 1

How does a reverse mortgage work?

Accepted Answer

In a reverse mortgage, you borrow against your home's equity and receive payments as a lump sum, monthly installments, or line of credit. No monthly payments are required. Interest accumulates over time, and the loan balance grows. The loan becomes due when the last borrower dies, sells the home, or permanently moves out. Heirs can repay the loan or sell the property.

Question 2

How much should I put down on a house?

Accepted Answer

While 20% down is ideal to avoid mortgage insurance and secure better rates, many buyers put down less. FHA loans allow 3.5%, conventional loans as low as 3%, and VA/USDA loans allow 0%. Consider your savings, budget, and whether you'd rather have cash reserves for emergencies, repairs, and moving costs versus a larger down payment.

Question 3

What are closing costs on a mortgage?

Accepted Answer

Closing costs are fees paid at the end of a real estate transaction, typically 2-5% of the loan amount. They include appraisal fees, title insurance, attorney fees, origination fees, credit report charges, inspection costs, recording fees, and prepaid items like property taxes and homeowners insurance. Some costs are negotiable or can be rolled into the loan.

Question 4

Can automatic payments overdraw my account?

Accepted Answer

Yes, automatic payments will process even with insufficient funds, causing overdraft fees. Monitor your balance, set up low-balance alerts, maintain a buffer, or link overdraft protection to avoid fees.

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Frequently Asked Questions

How does a reverse mortgage work?

How much should I put down on a house?

What are closing costs on a mortgage?

Can automatic payments overdraw my account?

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