10 Questions to Ask Before Getting a Reverse Mortgage

After 18 years of doing this in California and Arizona, I can tell you the borrowers who ask better questions almost always make better loan decisions.

Program reference: HUD.gov HECM. Consumer questions framework: CFPB reverse mortgage.

1) Which programs did you compare for my scenario?

HECM vs proprietary—comparison primer.

2) What are my disbursement options and tradeoffs?

Lump sum, LOC, monthly plans—what fits your goals?

3) What happens to my loan balance over 10–20 years?

Demand amortization clarity, not slogans.

4) What are all closing costs, line by line?

See fees truth.

In my experience working with homeowners in Temecula and San Marcos, this one question changes the entire tone of a meeting. A client in Temecula recently asked for cost recovery timing against a $2,350 monthly payment and said that single comparison gave her more clarity than an hour of generic explanations. I see this come up constantly in consultations because people want plain numbers, not slogans.

5) How do I stay in good standing after closing?

Taxes, insurance, maintenance—taxes and insurance.

6) What alternatives should I still consider?

HELOC, sell, downsize—vs HELOC, vs selling.

7) How does this affect heirs?

Heirs and payoff.

8) Can I refinance later if circumstances change?

Refinance options.

9) What triggers a maturity event?

Maturity events.

10) Who services the loan after closing?

Know the servicer name and how payoffs are requested.

According to the CFPB, independent counseling is required for HECM loans, which is why asking strong process questions before closing is a practical consumer-protection step.

Frequently asked questions

Should I bring a family member?

Often helpful—especially for household budgeting truth.

Should I record the call?

Take notes and keep disclosures; follow state recording laws if applicable.

What if the LO dodges questions?

That is an answer—walk away.

Where can I verify claims?

Counseling materials, HUD/CFPB pages, and your attorney/CPA.

Next steps

Use the free reverse mortgage calculator and take the free readiness assessment. For a no-rush Q&A, use choosing a specialist, the contact page, or about page.

This material is not from HUD or FHA and has not been approved by HUD or any government agency. All reverse mortgage loans are subject to credit and property approval.