Before you borrow against your home

Understand the loan, its costs, and the questions to ask before making a decision.

Understand the loan

A reverse mortgage is borrowing against your home, not a government benefit. Understand the terms and ask how the balance may change over time.

Costs and responsibilities

Look beyond the initial proceeds. Ask for an explanation of upfront and ongoing costs, and the conditions that can require repayment. Your home and family circumstances deserve careful consideration.

Questions to bring to a counselor

• Which costs apply to this loan?
• What responsibilities must I continue to meet?
• What happens if I move or my circumstances change?
• How would this affect my household and heirs?
• Which alternatives should I compare?

Read the CFPB’s reverse mortgage resources and consider a conversation with a HUD-approved housing counselor.

The Equity Nest is a publication operated by W2WD LLC. Content is general information, not financial or legal advice. We are not a lender or broker, do not offer loans, arrange financing, or make credit decisions. Consult your own advisors before making decisions.