FAQ

Questions on reverse mortgages

What is a reverse mortgage?
What is a Home Equity Conversion Mortgage (HECM)?
Are reverse mortgages really a good deal?
How do I qualify for a reverse mortgage?
How good does my credit have to be?
How do I receive the money?
What if I still have a regular mortgage on my house?
Will I still own my home?
Will my house still go to my heirs?
What are the interest charges and fees?
What if the mortgage grows faster than the value of the house? Could my heirs owe more than the house is worth?
Can I use a reverse mortgage to purchase a home?
How much money can I qualify for?
How can I find out exactly how much I can get?
Am I ever required to repay the money?
Is the money I get taxable?
Is a reverse mortgage safe?
How can I learn more?
Who can I talk to if I have more questions or to apply to get started?

These materials are not from HUD or FHA and were not approved by HUD, FHA or any other federal government agency.

Questions on forward mortgages

How much of a down payment do I need to purchase a new home using a forward mortgage?
How good does my credit need to be to qualify?
Does this same credit qualifying apply to refinancing?
I have seen advertisements for extremely low rates, yet when I call for that particular rate, I am always turned down. Do you know why?

These materials are not from HUD or FHA and were not approved by HUD, FHA or any other federal government agency.

Please note that during the pandemic, FSI Mortgage is committed to continue to take loan applications, process submitted applications, and closing mortgage loans. We recommend telephone or online applications, however, our office is open if you wish to apply in person. Appointments are required. Feel free to contact the Loan Officer of your choosing listed here on our site, or call our office anytime during normal business hours. We are here to help you in getting the loans you need during this crisis.