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CT-Loans
219 South Main Street
Cheshire, CT 06410
219 South Main Street
Cheshire, CT 06410
Toll Free 1-866-224-2677
Connecticut Loans
Reverse Mortgage Comparison Chart
Common questions about different types of Reverse Mortgages (RM's)
| Question | Monthly FHA | Annual FHA | Fannie Mae | Cash Account |
| Must I (We) own the house? | Yes | Yes | Yes | Yes |
| Can I have an RM if I have a trust or life use provision? | Yes | Yes | Yes | Yes |
| Does the title stay in my name ? | Yes | Yes | Yes | Yes |
| Can my existing mortgage be paid off with the reverse mortgage? | Yes | Yes | Yes | Yes |
| Are there income requirements? | No | No | No | No |
| Do I ever have to make monthly payments? | No | No | No | No |
| Can proceeds be provided as a line of credit? | Yes | Yes | Yes | Call BCI |
| Can I get monthly payments for the rest of my life? | Yes | Yes | Yes | No |
| Do I have to worry if I have problems with my credit? | No | No | No | No |
| Can I get monthly payments and a line of credit? | Yes | Yes | No | Call BCI |
| Can I change how I access my funds? | any time | any time | any time | Call BCI |
| Can proceeds be given to me as a lump sum? | Yes | Yes | Yes | Call BCI |
| What are the 'out of pocket' expenses that I may have to pay? | Termite inspection and appraisal fees | Termite inspection and appraisal fees | Termite inspection and appraisal fees | Termite inspection fee |
| Can I incorporate my closing costs and FHA insurance into my loan? | Yes | Yes | Yes | Yes for closing costs - there is no FHA ins. |
| What is the minimum age to take out a RM? | 62 | 62 | 62 | 62 |
| Who is responsible for the taxes and the property insurance? | The homeowner | The homeowner | The homeowner | The homeowner |
| Can I get an RM on my multiple-family home? (up to 4-units maximum) | Yes | Yes | No | Yes |
| Can I get an RM on my condominium? | must meet FHA guidelines | must meet FHA guidelines | Yes | Yes |
| Can I get an RM on my PUD? | Yes | Yes | No | Yes |
| Can I get an RM on my CO-OP? | No | No | No | No |
| Do I have to go through a one time counseling session by phone or in person? | Yes | Yes | Yes | Yes |
| Is this RM tax free? | Yes* | Yes* | Yes* | Yes* |
| Is this program insured by the U.S. government? | Yes | Yes | Yes | No |
| Will this affect my Medicare and Social Security? | No* | No* | No* | No* |
| Is there an application fee? | No | No | No | $500 but this incl. the appraisal fee |
| Is an appraisal required? | Yes | Yes | Yes | Yes |
| How often is the rate set? | Monthly | Annually | Monthly | Semi-annually |
| What is the rate set against? (this is the index) | 1 yr T Bill | 1 yr T Bill | 1 month avg CD | LIBOR |
| What is the margin? | 1.5% over the index | 3.1% over the index | 3.4% over the index | 5.0% over the index |
| Will I get a full cost breakdown on my RM - (A GFE) | Yes | Yes | Yes | Yes |
* You should always consult a trusted advisor on these issues
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