Yes, it's possible. To retain your home, you must continue to pay property taxes, homeowners insurance, and maintain the property. Failure to meet these obligations can lead to foreclosure.​

The amount you can borrow is influenced by factors such as your age, current interest rates, and the appraised value of your home. Generally, older borrowers with higher-valued homes may qualify for more funds.​

Yes, reverse mortgages come with various fees, including origination fees, closing costs, mortgage insurance premiums, and servicing fees. It's important to understand all associated costs before proceeding.​

Upon your passing or if you move out of the home, the loan becomes due. Your heirs can choose to repay the loan and keep the home or sell the property to settle the debt. If the home's sale value exceeds the loan balance, the remaining equity goes to your heirs.​

Funds from a reverse mortgage generally do not affect Social Security or Medicare benefits. However, needs-based programs like Medicaid or Supplemental Security Income (SSI) could be impacted. It's advisable to consult with a financial advisor to understand the implications.​

Reverse mortgages are non-recourse loans, meaning you or your heirs will never owe more than the home's appraised value at the time of sale. Any shortfall is covered by the mortgage insurance.​