Straight answers, by topic

No. You do not always need the home free and clear. On many reverse mortgages, an existing mortgage or other lien is paid off at closing when there is enough equity. That payoff is often a main reason people explore the product — it can remove a required monthly mortgage payment and free cash flow. How much equity remains depends on your home value, rates, age rules for the program, and costs. A specialist can map whether payoff-plus-proceeds is realistic for your situation.

It depends on the program and whether the spouse meets eligibility rules. On many FHA-insured reverse mortgages (HECMs), protections for an eligible non-borrowing spouse may apply when requirements are met. Proprietary (non-FHA) loans can work differently. Ask specifically about co-borrower vs non-borrowing spouse rules for the loan path you’d use — this is one of the most important topics to review with a specialist before anyone decides.

No — not while you live in the home as your primary residence and keep up with property taxes, insurance, and maintenance. You keep the title. The loan is repaid when you sell, move out permanently, or pass away (with co-borrower or eligible spouse rules met, if any). For a fuller walkthrough, see Does the bank take my house with a reverse mortgage?

Loan advances from a reverse mortgage are generally not treated as taxable income — but tax rules can depend on your full situation, and this is not tax advice. Confirm with a qualified tax professional before you make decisions. Reverse Solutions specialists can explain the loan mechanics; they should not replace your tax advisor.

For many homeowners, Social Security and Medicare are generally not reduced simply because you take reverse mortgage proceeds — but this is not benefits advice. Means-tested programs (such as Medicaid or SSI in many cases) can treat assets and cash differently. Before you change your cash position, talk with a benefits counselor or other qualified professional who knows your programs.

There are real costs — origination fees, third-party closing costs, and interest that accrues over time. On many FHA-insured reverse mortgages (HECMs), mortgage insurance is part of the structure. Many costs can be financed into the loan rather than paid all in cash at closing, which reduces net funds available. You’ll see an itemized picture before you decide. For a full breakdown, see What does a reverse mortgage cost?

There is typically no required monthly mortgage payment on a reverse mortgage. Interest and fees usually add to the loan balance over time. You remain responsible for property taxes, homeowners insurance, and home maintenance — those are separate from the loan payment. Optional payments may be allowed on many programs if you want to manage balance growth.

When a reverse mortgage comes due, heirs typically choose among selling, keeping, or not keeping the home — exact steps depend on the loan and servicer. Under common non-recourse rules they are generally not asked to cover a shortage out of pocket. For a fuller walkthrough, see Will my kids inherit debt from a reverse mortgage?

On the common FHA-insured path (HECM), you complete counseling with a HUD-approved agency that is independent from the lender. Sessions are often by phone or video; you’ll discuss how the loan works, costs, obligations, repayment triggers, and alternatives. You’ll receive a certificate needed to move forward on that path. Treat it as protection and a second set of plain-language eyes.

Many files move from serious start (counseling and application underway) to closing over a span of several weeks to a couple of months. Some finish faster; some take longer when scheduling, repairs, title issues, or document gaps appear. Nobody should rush you. For the step-by-step path, see How long does a reverse mortgage take?

You can sell. The loan is typically paid from the sale proceeds. If the home sells for more than the balance (and applicable costs), remaining equity is yours. If you move out permanently — for example, to assisted living — that can be a maturity event under program rules. Plans to move soon often make a reverse a weaker fit because costs may not pencil.

Proceeds may help pay for in-home care, accessibility updates, or short gaps while a family builds a longer care plan — but this is a housing and retirement tool, not a medical treatment, and not a guarantee that care costs stay covered forever. Fit depends on your goals, equity, and ability to keep up with property charges. See Home care and staying home for a fuller look.

No. A past late payment or a thinner credit file does not automatically mean disqualified. Lenders review credit as part of the file, but reverse programs often weigh home equity and property charges differently than a forward mortgage. An article cannot underwrite you — a specialist can tell you plainly if an option looks workable or if it doesn’t.

Built for older homeowners with meaningful equity in a primary residence. Exact age, home type, and counseling rules vary by program — don’t rule yourself out from a webpage. Qualification is not only “can a loan be written?” It is also “does this help your goals without stretching property charges?” For a calm overview, see Who qualifies for a reverse mortgage?